Location: Wyoming County, WV | Metro: Wyoming County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
U.S. Census Bureau data (2024)
In ZIP code 24845, the economics of Section 8 housing can be straightforward when analyzed correctly. The SAFMR (Standard Area Fair Market Rent) for a two-bedroom apartment is set at $870 per month for fiscal year 2026. This figure represents the maximum amount that the local housing authority will pay to landlords participating in the Section 8 program.
The SAFMR is specifically tailored to this ZIP code, reflecting the unique cost of living and rental market conditions present in the area. Since the local market rent data is currently unavailable, we must rely on the SAFMR to guide our understanding of potential rental income.
A Section 8 voucher works by covering a portion of the rent, which is calculated based on the tenant's income. Typically, the tenant is responsible for paying 30% of their adjusted gross income towards rent. If the tenant's share plus any utility allowances does not meet the SAFMR, the difference is made up by the housing authority. However, if the total exceeds the SAFMR, the tenant must make up the difference out of pocket.
To illustrate, assume a tenant has an adjusted gross income of $1,500 per month. Their contribution would be 30% of this amount, which equals $450. If utility allowances are $100, the total contribution from the tenant and the utility allowance would be $550. In this scenario, the housing authority would cover the remaining $320 to reach the SAFMR of $870.
Landlords should note that the reimbursement gap or surplus depends on the actual rent charged compared to the SAFMR. If you charge exactly $870 for a two-bedroom unit, then there is no gap or surplus. However, if you charge more than $870, you will not receive the excess amount from the housing authority, leading to a reimbursement gap. Conversely, if you charge less than $870, the housing authority will still reimburse up to the SAFMR limit, resulting in a surplus for the landlord.
Given the SAFMR of $870, landlords in ZIP 24845 should expect a reimbursement gap if they charge above this amount. For example, if the rent is set at $950, the landlord would only receive $870 from the housing authority, leaving a $80 gap per month. On the other hand, if the rent is set at $800, the landlord would receive the full $870, resulting in a $70 surplus per month.
In conclusion, landlords must carefully consider the SAFMR when setting rent for Section 8 tenants in ZIP 24845. Charging below the SAFMR can result in a surplus, while charging above it will create a reimbursement gap that the landlord must absorb.
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.