Section 8 Fair Market Rent (FMR) for ZIP 43971 - 2027

Location: Wheeling, WV | Metro: Weirton-Steubenville, WV-OH MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$740
1 Bedroom	$790
2 Bedrooms	$1,000
3 Bedrooms	$1,290
4 Bedrooms	$1,470
5 Bedrooms	$1,705
6 Bedrooms	$1,910
7 Bedrooms	$2,063
8 Bedrooms	$2,166

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

923

Median Household Income

$49,327

Housing Units

576

Renter Percentage

27.5%

Occupancy Rate

78.8%

Renter Occupied

125

Housing Authorities Serving ZIP 43971

Jefferson Metropolitan Housing Authority (Steubenville, OH) - 824 Section 8 vouchers
Belmont Metropolitan Housing Authority (Martins Ferry, OH) - 279 Section 8 vouchers

If a landlord is considering buying property in ZIP code 43971 (Rayland, OH) for Section 8 investment, they should follow this decision tree:

Step 1: Does the Fair Market Rent (FMR) of $860 cover the debt service on a property valued at $105,101?

The FMR of $860 must be sufficient to cover the monthly mortgage payment, taxes, insurance, and other expenses associated with owning a property valued at $105,101. To determine this, calculate the total monthly debt service cost. If the debt service cost is less than $860, then the answer is yes. Otherwise, no.

Step 2: Is the market rent of $682 above, at, or below the FMR?

The market rent of $682 is below the FMR of $860. This suggests that there is potential for higher rents if the property qualifies for Section 8 subsidies. However, it also indicates that without Section 8 assistance, the property might struggle to attract tenants willing to pay the FMR.

Step 3: Are the rental demand factors sufficient?

In Rayland, OH, 27.5% of residents are renters, which provides a base level of demand. However, the data does not specify the days on market (DOM) for vacant properties, making it difficult to assess how quickly a rental unit can be filled. If the DOM is low, indicating a quick turnover, then the demand is likely sufficient. If DOM is high, it may suggest challenges in filling units.

Decision Tree Outcome:

If the FMR of $860 covers the debt service costs and the market rent is significantly lower, proceed to evaluate rental demand.
If rental demand is strong (low DOM), then the answer is Yes. The combination of sufficient FMR coverage and below-market rents makes this a viable Section 8 investment opportunity.
If rental demand is weak (high DOM), the answer is No. Even with a favorable gap between FMR and market rent, poor demand could lead to prolonged vacancy periods.
If the FMR does not cover the debt service costs, the answer is No. It's not financially prudent to invest in a property where the subsidy does not sufficiently cover the expenses.

The key to deciding whether to invest in ZIP 43971 lies in the interplay between FMR coverage, market rent levels, and rental demand. Without a specific DOM figure, the decision ultimately hinges on the landlord's ability to manage the property effectively and their tolerance for risk.

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.