Location: Orleans County, VT | Metro: Burlington-South Burlington, VT MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,350 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 05476, located in Windham County, WV, are straightforward. The SAFMR (Section 8 Moderate Rehabilitation Program) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $1460. This figure represents the maximum amount that HUD (Department of Housing and Urban Development) will pay towards the rent for a unit in this specific ZIP code.
Local market rents, according to the Census ACS (American Community Survey), run at $1175 for a similar two-bedroom apartment. However, the SAFMR is higher, which means landlords can potentially receive more than the local market rate if they participate in the Section 8 program.
A landlord who accepts a Section 8 voucher must understand how the payment structure works. The voucher itself covers most of the rent, but there's also a tenant portion and utility allowances that factor into the total payment. Typically, the tenant is responsible for paying 30% of their income towards rent. If the tenant's share plus the utility allowances does not cover the full SAFMR of $1460, HUD makes up the difference to ensure the landlord receives the full amount.
To illustrate, let’s assume a tenant’s income is $2000 per month. Thirty percent of this income would be $600, which is the amount the tenant contributes towards rent. If the utility allowance is $200, then the total contribution from the tenant and utilities would be $800. In this case, HUD would pay the remaining $660 to bring the total payment to the SAFMR of $1460.
Note that the SAFMR is set specifically for this ZIP code, meaning it reflects the rental conditions unique to 05476. Landlords should not expect uniform rates across different areas within the same county or state.
In ZIP 05476, landlords participating in Section 8 for a two-bedroom apartment can expect a reimbursement that exceeds the local market rent. With a SAFMR of $1460 and a local market rent of $1175, landlords benefit from a surplus of $285 per month on average, once the tenant’s portion and utility allowances are accounted for. This surplus is significant and can help offset any potential management challenges associated with the program.
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.