Location: Monroe County, OH | Metro: Wheeling, WV-OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 investment in ZIP code 43747 are significant and must be carefully considered. Tenant turnover is a notable concern, as the market rent stands at $670, while the Fair Market Rent (FMR) for fiscal year 2024 is set at $880. This discrepancy suggests that tenants might prefer higher-rent properties, leading to frequent moves and increased vacancy periods.
Vacancy exposure is another critical issue. The Days on Market (DOM) data is currently unavailable, which makes it difficult to predict how long it will take to fill vacancies. Given the gap between market rent and FMR, landlords can expect prolonged vacancy periods, increasing their financial burden and reducing overall returns.
The deferred maintenance exposure is also substantial. With a typical home value of $175,545 and a median income of $77,115, residents may struggle to afford necessary repairs and upkeep, potentially leaving the property in disrepair over time. This situation can lead to higher maintenance costs for landlords and may require significant investments to keep the property habitable and compliant with housing standards.
However, these risks are tempered by the fact that 15.5% of the population are renters. High renter density often translates into a robust demand for rental vouchers, which can stabilize occupancy rates and provide a steady stream of income through Section 8 programs. The concentration of renters in ZIP 43747 indicates a strong likelihood of finding qualified tenants who can benefit from the subsidy program.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 43747 is moderate. While there are considerable challenges, the high renter share offers a counterbalance that can mitigate some of the risks associated with tenant turnover and vacancy exposure.
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.