Location: Harrison County, OH | Metro: Weirton-Steubenville, 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 | $760 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,330 | $179,059 | 0.74% | D |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 43907 provides valuable insights into potential investment opportunities. The Fair Market Rent (FMR) for a 2-bedroom apartment in this area, as set for FY 2024, is $860 per month. This annualizes to $10,320, providing a strong benchmark for rental income expectations.
In contrast, the market rent for a similar property, according to Census ACS data, stands at $784 per month, equating to an annualized figure of $9,408. These two scenarios illustrate the range of potential rental incomes available in ZIP 43907.
To calculate the implied gross yield, we divide the annual rental income by the median home value of $132,219. For the FMR scenario, the gross yield is approximately 7.81%. This is derived by taking the annualized FMR of $10,320 and dividing it by the median home value. For the market rent scenario, the gross yield drops to around 7.12%, calculated by using the annualized market rent of $9,408.
Evaluating these yields against the local context, ZIP 43907 has a renter density of 29.8%. Given this relatively low percentage, it suggests that the demand for rentals might be less robust compared to areas with higher renter populations. However, the Day-on-Market (DOM) data is not available, which would have helped gauge the speed at which properties are typically rented out.
The higher gross yield of 7.81% based on FMR is more theoretical and represents the best-case scenario where a landlord can secure a tenant paying the maximum allowable rent under Section 8 guidelines. The lower gross yield of 7.12%, based on actual market rents, reflects a more grounded reality where competition and local economic conditions play significant roles.
Considering the renter density, the market rent scenario seems more realistic. With only 29.8% of residents being renters, landlords must navigate a market where finding tenants willing to pay the full FMR might be challenging. Therefore, relying on the actual market rent of $784 per month is likely to provide a more accurate forecast for potential returns.
Investors should use these figures as a starting point for their own detailed analysis, factoring in additional costs and potential revenue adjustments. The cap-rate analysis underscores the importance of understanding local market dynamics when evaluating real estate investments in ZIP 43907.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.