Location: Wheeling, WV | Metro: Wheeling, WV-OH MSA
| 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 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 43940 in fiscal year 2024 is set at $860. This figure represents the payment standard for Section 8 vouchers in your area, which is the maximum amount that the Housing Choice Voucher Program will pay to landlords on behalf of tenants. It's important to note that this does not necessarily reflect the total rent you can charge; rather, it is the cap on what the government will subsidize.
In ZIP 43940, the local market rent is currently listed as N/A, indicating there isn't enough data available to provide an accurate comparison between the FMR and the typical rent charged locally. However, the 10.7% renter share suggests that a significant portion of the population relies on renting their homes, creating a steady demand for rental properties.
While the acquisition cost for rental properties in this area is also listed as N/A, it's crucial to understand that the FMR can influence the overall investment landscape. Landlords should consider the FMR when setting their own rent rates, ensuring they balance profitability with the likelihood of finding tenants who qualify for Section 8 assistance.
To proceed with your first Section 8 rental property in ZIP 43940, you must verify that the property meets all the necessary requirements set by the Housing Authority. These include safety standards, maintenance conditions, and compliance with fair housing laws. Ensuring these criteria are met will facilitate a smoother process and reduce the risk of complications down the line.
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.