Location: Mineral County, WV | Metro: Mineral County, WV
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,180 | $165,789 | 0.71% | D |
| 3BR | $1,550 | $222,505 | 0.7% | D |
| 4BR | $1,560 | $345,296 | 0.45% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 26753, which includes Ridgeley, WV, stands at $73,694. Given the market rate for rent at $958 according to the Census ACS, it becomes evident that a significant portion of households may struggle to cover their housing costs without financial strain. This is particularly noteworthy when comparing the market rate to the federal payment standard for housing vouchers, which is set at $1090 for fiscal year 2024.
The disparity between the median income and both the market rate and voucher payment standard highlights a critical affordability gap for residents. At $958 per month, the average rent represents a substantial expense for the typical household, especially considering other living costs such as utilities, groceries, and healthcare. The voucher payment standard, while slightly higher, still places a considerable burden on those relying on assistance to find suitable housing.
In ZIP 26753, with a population of 5,960 and only 17.1% of residents being renters, the competition among landlords is likely to be fierce. Landlords must consider the balance between accepting vouchers, which provide a steady stream of income guaranteed by the government, and renting to cash-paying tenants who might offer higher rents but come with the risk of non-payment. Given the limited number of renters, landlords who can offer flexible terms or accept vouchers may have an advantage in attracting tenants.
The takeaway for landlords is clear: understanding the financial landscape of ZIP 26753 is crucial for making informed decisions. Accepting vouchers can ensure a stable rental income, though it may be slightly lower than market rates. Conversely, focusing on cash-paying tenants could lead to higher individual rents but also increased vacancy risks due to the high cost of living relative to income levels. Landlords should weigh these factors carefully and consider diversifying their tenant mix to manage risk effectively.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.