Section 8 Fair Market Rent (FMR) for ZIP 26764 - 2027

Location: Morgantown, WV | Metro: Morgantown, WV MSA

Investment Score for ZIP 26764

Monthly Rent (2BR)

$990

Median Price (2BR)

$165,915

1% Rule

0.6%

Annual Yield

7.16%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$790
1 Bedroom	$790
2 Bedrooms	$990
3 Bedrooms	$1,200
4 Bedrooms	$1,500
5 Bedrooms	$1,740
6 Bedrooms	$1,949
7 Bedrooms	$2,105
8 Bedrooms	$2,210

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$990	$165,915	0.6%	F
3BR	$1,200	$204,833	0.59%	F
4BR	$1,500	$259,191	0.58%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,175

Median Household Income

$61,010

Housing Units

2,497

Renter Percentage

23.6%

Occupancy Rate

69.3%

Renter Occupied

409

Terra Alta, WV, located in the ZIP code 26764, is a small rural community where housing dynamics significantly influence investment decisions. The following analysis provides key insights into the rental and homeownership markets, along with broader economic indicators that can guide landlords and small-portfolio investors.

The Fair Market Rent (FMR) for ZIP 26764 in fiscal year 2024 is set at $900, indicating the government's benchmark for what is considered a reasonable rent price for the area.
The actual market rent, based on Census American Community Survey data, stands at $769. This suggests that the rental market is currently below the FMR, potentially offering opportunities for landlords to adjust their pricing without alienating tenants.
The median home value in Terra Alta is $174,427, reflecting a modest property valuation typical of rural settings. This figure is important for understanding the overall real estate landscape and potential resale values.
Renters make up 23.6% of the population, highlighting a significant but not overwhelming demand for rental properties. This share is crucial for assessing the balance between owning and renting in the local market.
The median household income in the area is $61,010. This figure provides context for the financial capabilities of residents, suggesting that while they may afford modest rents, luxury or high-end rentals could be less viable.
Data on Days on Market (DOM) is not available, which means it's difficult to assess how quickly properties are typically sold or rented in Terra Alta. This gap in information could indicate a slower pace of transactions or a lack of comprehensive tracking in the region.

In summary, Terra Alta presents a market where rental properties are generally priced below the FMR, providing a margin for landlords to increase rents slightly without risking tenant loss. The modest median home value and income levels suggest a conservative approach to investment, focusing on affordable properties that cater to the local demographic. With a quarter of the population renting, there is a steady demand for rental units, though the absence of DOM data implies that investors should be prepared for potentially longer periods before securing tenants or selling properties. Overall, Terra Alta offers a stable, if not highly dynamic, market for those looking to invest in real estate with a focus on affordability and long-term stability.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.