Location: Wheeling, WV | Metro: Wheeling, WV-OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 43967 are straightforward. The SAFMR (Standard Amount for Fair Market Rent) for a two-bedroom apartment is set at $1010 per month for the fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, reflecting the unique rental market conditions here.
To understand how a voucher payment works, it's important to break down the components. A voucher holder is typically responsible for paying 30% of their adjusted income towards rent. For example, if a tenant has an adjusted income of $1500 per month, they would pay $450 towards the rent. The remaining amount up to the SAFMR is covered by the government, which in this case would be $560.
In addition to the base rent, there are utility allowances. These vary but generally cover a portion of the tenant's energy costs. Assuming an average utility allowance of $150, the total reimbursement a landlord can expect from the government would be $710 ($560 for rent plus $150 for utilities).
This means that for a two-bedroom apartment, the landlord will receive $450 directly from the tenant and $710 from the government, totaling $1160. However, since the SAFMR is only $1010, the landlord's reimbursement from the government will be capped at that amount. Therefore, the actual reimbursement will be $1010, consisting of $560 for rent and $450 for utilities.
The typical reimbursement gap or surplus in ZIP 43967 for a two-bedroom unit is a surplus of $50, assuming the landlord charges exactly the SAFMR. If the landlord charges more than $1010, they will have to absorb the difference between the SAFMR and the higher rent charged, leading to a reimbursement gap.
It's crucial for landlords to understand these dynamics to manage their expectations and financial planning effectively. Charging above the SAFMR might attract tenants who prefer Section 8 vouchers but will result in less overall revenue compared to charging the exact SAFMR or slightly below.
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.