A wheel suspension system is disclosed which includes a wheel support member pivotally mounted to a vehicle frame, a wheel rotatably mounted to the support member on a stub axle, and an airbag positioned between the wheel support member and the vehicle frame to bias the support member into an intermediate position between a lowermost position and an uppermost position, the rotational axis of the wheel being positioned at or above the cargo floor of the vehicle at least when the wheel support member is in the uppermost position. The suspension system aligns the pivot point wheel mount, and airbag to provide a compact lateral profile, thus providing maximum distance between the wheels and permitting the cargo floor to be supported between the wheels, and in some instances below the rotational axis of the wheels. The wheel support members are typically mounted in one, two or three pairs on opposite sides of the vehicle, either as the exclusive wheels on a trailer, or as the rear wheels of a front wheel drive van or similar vehicle.