Location: Weirton-Steubenville, WV | Metro: Weirton-Steubenville, WV-OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The ZIP code 43961, located in Ohio, presents an interesting scenario for both renters and landlords. The median household income here stands at $39,500, which is notably lower than the typical market rent of $725 per month as reported by the Census Bureau's American Community Survey (ACS). This suggests that many residents in this area might find it challenging to afford the average rental price without financial assistance.
To put this into perspective, let's consider the federal payment standard for housing vouchers. In ZIP 43961, the Fair Market Rent (FMR) for a voucher is set at $860 per month for fiscal year 2024. This figure is higher than the market rate, indicating that voucher holders could potentially cover the cost of rent with some assistance from the government. However, the median income being significantly below the market rate highlights a substantial affordability gap for those relying solely on their earnings to pay rent.
The population of 43961 is 221, with 19.3% of these households being renters. Given the small size of the population, the competition among landlords could be quite intense, especially when considering the limited number of potential tenants. Landlords must weigh the benefits of accepting voucher payments against the challenges of collecting cash rent from households with lower incomes.
The takeaway for landlords is clear: accepting Section 8 vouchers can provide a stable source of income and reduce the risk of vacancies, given the high FMR compared to the actual market rent. While voucher administration requires compliance with certain regulations, the guaranteed rent amount, which exceeds the market rate, makes it a viable option. For those preferring cash-paying tenants, understanding the local economic conditions is crucial to setting competitive rents that do not deter potential occupants due to affordability concerns.
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.