Location: Summers County, WV | Metro: Summers County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 24962 are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2026 is set at $870. This figure represents the maximum amount that the housing authority will pay to landlords who accept Section 8 vouchers.
However, the local market rent for a two-bedroom apartment in ZIP 24962 is currently unavailable. This makes it difficult to directly compare the SAFMR to the actual rental rates being charged in the area. Despite this, understanding the SAFMR is crucial for landlords and small-portfolio investors considering participation in the program.
A Section 8 voucher works by covering a portion of the rent for qualified tenants. Specifically, the voucher pays the difference between the tenant's contribution and the SAFMR. Tenants are typically required to contribute 30% of their adjusted income toward rent. Additionally, utility allowances are factored into the total payment. For ZIP 24962, the utility allowance varies but generally adds around $200-$300 to the base rent payment.
To illustrate, if a tenant's contribution is $200 and the utility allowance is $250, the total reimbursement from the housing authority would be $870. Therefore, the landlord receives a total of $1,320 ($200 tenant contribution + $870 voucher payment + $250 utility allowance).
The typical reimbursement gap or surplus in ZIP 24962 depends on the actual market rent. If the market rent exceeds $870, landlords will face a reimbursement gap, meaning they must accept a lower rent than what might be possible in the open market. Conversely, if the market rent is below $870, landlords can benefit from a surplus, receiving more than the typical market rate.
Given the SAFMR of $870, landlords should assess whether this rate aligns with their financial goals and property management costs. Participation in Section 8 can provide stable, government-backed rental income, but it also comes with certain requirements and oversight.
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.