Location: Wheeling, WV | Metro: Wheeling, WV-OH MSA
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 | $700 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $85,008 | 1.18% | B |
| 3BR | $1,290 | $106,894 | 1.21% | A |
U.S. Census Bureau data (2024)
The rent math in ZIP 26040, located in Glen Dale, WV, within the Wheeling, WV-OH MSA, does not favor landlords. The Federal Market Rent (FMR) for 2024 is set at $860, which is significantly higher than the market rent of $595 based on Census ACS data. This discrepancy means that landlords might struggle to find tenants willing to pay the higher FMR rate, leading to potential vacancies or the need to lower rents below the FMR.
Acquisition in this area is relatively affordable, with a median home value of $88,812. However, the lack of data regarding the number of days on the market (DOM) and the percentage of homes that have been listed with a price cut suggests that there may be limited activity in the housing market. This could indicate that it's not an easy time to sell properties, but it remains cost-effective to buy them.
Tenant demand is moderate in ZIP 26040, with a total population of 1,899 and 37.3% of residents being renters. While this indicates a reasonable pool of potential tenants, the small overall population size limits the number of available renters. Additionally, the high disparity between the FMR and market rent could deter some potential tenants, further reducing demand.
Verdict: Investing in ZIP 26040 presents challenges due to the mismatch between FMR and actual market rent, which could result in difficulty attracting tenants at the higher FMR rate. Acquisition is affordable, but the limited market activity and moderate tenant demand suggest that returns on investment may be constrained. Landlords should carefully consider these factors before investing in this ZIP code.
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.