Location: Wheeling, WV | Metro: Wheeling, WV-OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
When considering whether to invest in ZIP 43905 for Section 8 properties, follow this decision tree:
1) Does FMR $930 (zip FY 2024) clear debt service on a property?
No: If your debt service exceeds $930 per month, investing in ZIP 43905 is not advisable. The Fair Market Rent (FMR) is set by HUD and represents the maximum amount that can be charged for Section 8 units. Properties with higher debt service costs will not be profitable under these guidelines.
Yes: If your debt service is below $930, proceed to the next question.
2) Is market rent above, at, or below FMR?
Above FMR: If market rents exceed $930, landlords might face challenges renting out their properties at the FMR rate, leading to potential vacancies. This scenario is less favorable for Section 8 investments.
At or Below FMR: If market rents are at or below the FMR, you can confidently rent out your property without risking vacancy. Proceed to the third question.
3) Are 21.7% renters + N/A-day DOM enough demand?
It Depends: With 21.7% of residents being renters, there is some demand for rental properties. However, the Days on Market (DOM) figure is missing, which is crucial for understanding how quickly properties rent out. If the DOM is low, indicating quick turnover, then the demand is likely sufficient despite the relatively modest rental percentage. Conversely, if the DOM is high, it suggests a slow market and may not be ideal for investment.
To summarize, if the debt service is lower than $930, market rents align with or are below the FMR, and the DOM is low, then investing in ZIP 43905 for Section 8 properties would be a positive decision. However, if any of these conditions are not met, the investment becomes less attractive. Always ensure you have all necessary data points before making a financial commitment.
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.