Location: Lamoille County, VT | Metro: Lamoille County, VT
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,230 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $2,130 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
The economics of Section 8 housing in ZIP code 05662, located in Lamoille County, Vermont, are straightforward when you understand the SAFMR (Small Area Fair Market Rent) and how it interacts with the local rental market. For a two-bedroom apartment, the SAFMR for FY 2026 is set at $1,350. This figure represents the maximum amount that the housing authority will pay on behalf of a tenant under the Section 8 program.
To clarify, the SAFMR is specific to this ZIP code, ensuring that the reimbursement reflects the actual cost of renting in this area. However, due to limited data, the local market rent for ZIP 05662 is currently unavailable. This makes the SAFMR particularly important as it serves as the benchmark for determining the rental assistance payment.
A landlord should know that the voucher system operates on a combination of the tenant's contribution and the housing authority's reimbursement. The tenant typically pays 30% of their adjusted income toward rent. If we assume an average adjusted income of $2,000 per month, the tenant would contribute approximately $600 towards the monthly rent. The housing authority then covers the difference between the tenant’s contribution and the SAFMR, up to $1,350.
In addition to the base rent, the Section 8 program also includes utility allowances. These allowances vary but are generally around $300-$400 per month for a two-bedroom apartment. This allowance is intended to help cover electricity, gas, water, and other essential utilities.
Therefore, if the total rent is $1,350, and the tenant contributes $600, the housing authority would reimburse the landlord $750 for the base rent. Adding a utility allowance of $350 brings the total reimbursement to $1,100. This leaves a gap of $250 that the landlord must either absorb or find another way to close, as the tenant's contribution does not cover the full SAFMR amount.
In summary, for a two-bedroom apartment in ZIP 05662, the landlord can expect a reimbursement of $1,100 per month, assuming the utility allowance is $350. This results in a $250 shortfall compared to the SAFMR of $1,350. Landlords need to be aware of this economic reality when considering participation in the Section 8 program.
Data Sources: FMR data from HUD (2027).
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.