Location: Nicholas County, WV | Metro: Fayette County, WV HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The ZIP code 26680 presents an interesting scenario for both renters and landlords. The median income data for this area is currently unavailable, which makes it challenging to assess the overall financial health and earning capacity of the local households. However, we do know that the Fair Market Rent (FMR) standard for voucher payments in ZIP 26680 for fiscal year 2024 is set at $870. This figure is crucial for understanding how affordable housing is for those who rely on vouchers.
Given the small number of renters—only 3.6% of the 307-person population—the competition among landlords in this area is relatively low. This means that landlords might find it easier to secure tenants, but it also implies a smaller pool of potential renters. For those looking to rent properties using vouchers, the $870 FMR serves as a benchmark for what they can expect to pay. If market rates exceed this amount, it could create an affordability gap for voucher recipients.
To illustrate the impact of this gap, consider a situation where the market rate for rentals in ZIP 26680 is higher than the voucher payment. In such a case, landlords accepting vouchers would need to adjust their expectations or face the risk of having vacant units. Conversely, landlords focusing on cash-paying tenants might have an advantage if these households can afford rates above $870. However, with only a limited number of renters, landlords should be cautious about setting rates too high, as it may deter potential tenants.
The takeaway for landlords considering whether to accept vouchers or focus on cash-paying tenants is clear: while the competition is low, setting realistic rental rates is key. Accepting vouchers at the $870 FMR ensures a steady stream of tenants, albeit at a lower rate. Focusing on cash-paying tenants could yield higher profits if the local economy supports higher rents, but the smaller number of renters suggests a need for careful pricing to attract and retain tenants.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.