Location: Wheeling, WV | Metro: Wheeling, 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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $126,662 | 0.79% | D |
| 3BR | $1,290 | $173,394 | 0.74% | D |
| 4BR | $1,430 | $197,325 | 0.72% | D |
U.S. Census Bureau data (2024)
The Section 8 cap rate scenario for ZIP code 43947, Shadyside, Ohio, can be analyzed using the Fair Market Rent (FMR) and market rent figures for a two-bedroom apartment. The annualized FMR for a 2BR in this area for fiscal year 2024 is $890 per month, while the market rent based on Census ACS data is $784 per month. Given the median home value of $144,439, we can derive the implied gross yield for both scenarios.
In the case of the FMR, the annual rental income would be $10,680. This translates into an implied gross yield of approximately 7.4%, calculated by dividing the annual rental income by the median home value ($10,680 / $144,439 = 7.4%). For the market rent scenario, the annual rental income would be $9,408, leading to an implied gross yield of about 6.5% ($9,408 / $144,439 = 6.5%).
The higher gross yield derived from the FMR scenario suggests that properties participating in the Section 8 program could potentially offer better returns compared to those rented at market rates. However, the decision on which scenario is more realistic depends heavily on the local rental market dynamics, including the renter density and the average days on market (DOM).
With a renter density of 23.5%, it indicates that only a portion of the housing units are likely to be occupied by renters, which could affect the overall occupancy rate and thus the reliability of the gross yield estimates. Additionally, the lack of specific data regarding the average days on market (DOM) makes it challenging to predict how quickly a property might be leased under either scenario.
Given these factors, the market rent scenario with a gross yield of 6.5% is more likely to reflect the actual performance of rental properties in Shadyside, Ohio, due to the lower renter density. Landlords should consider the potential challenges in maintaining consistent occupancy when deciding whether to participate in the Section 8 program or rent at market rates.
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.