Location: Wheeling, WV | Metro: Wheeling, WV-OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The analysis for the Section 8 program in ZIP code 43902 centers around the discrepancy between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR is set at $900. However, the market rent data is currently unavailable, which complicates a direct comparison. To proceed with the analysis, we must consider the implications of this missing data.
In ZIP 43902, the percentage of renters is 0.0%, indicating that the area is predominantly composed of homeowners rather than renters. This unique characteristic of the ZIP code suggests that there might be less demand for rental properties, which could explain the lack of market rent data. Additionally, the median home value and median income figures are also not available, which means we cannot accurately gauge the financial health or the affordability of housing in this area relative to residents' incomes.
Despite these limitations, if we assume that the FMR of $900 is higher than the actual market rent, landlords and small-portfolio investors can capitalize on this situation by attracting voucher tenants. The higher FMR would effectively subsidize the rent shortfall, making it a viable yield play. Landlords would receive a government subsidy that bridges the gap between what they charge and what the tenant pays, ensuring steady cash flow even in an area with low rental demand.
Conversely, if the actual market rent were lower than the FMR, accepting Section 8 tenants would mean renting below the market rate, which could be seen as a cost. However, given the lack of specific market rent figures, this scenario remains speculative. The absence of renters in ZIP 43902 implies that there is little competition for rental units, thus reducing the risk of losing potential higher-paying tenants.
To conclude, while the exact gap in dollars and percent between FMR and market rent cannot be stated due to the unavailability of market rent data, the high FMR of $900 and the absence of renters suggest that landlords can benefit from the Section 8 program. This program can act as a stabilizing factor in an otherwise low-demand rental market, providing a reliable source of income through government subsidies. Without specific market rent and income data, this conclusion is based on the premise that the FMR is likely above the actual market rent, making it a favorable option for landlords in ZIP 43902.
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.