Location: Monroe County, WV | Metro: Greenbrier County, WV
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,260 | $246,441 | 0.51% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 24976 are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $900 per month for FY 2026. This figure represents the maximum amount that the housing authority will reimburse landlords for rental assistance under the Section 8 program. In comparison, the local market rent for a similar unit runs at $1,090 per month, according to Census ACS data.
A voucher payment under Section 8 consists of two parts: the subsidy paid by the government and the tenant's portion. The government subsidy covers the difference between the SAFMR and the tenant's portion, which is typically 30% of their adjusted income. Utility allowances are also provided, but these do not exceed the total SAFMR cap. Therefore, if a landlord charges above the SAFMR, they will not receive additional funds for utilities from the housing authority.
To illustrate, let’s assume a tenant’s portion is $270 based on an adjusted income of $900 (30%). In this case, the landlord would receive a government subsidy of $630 ($900 - $270). If the landlord sets the rent at $1,090, the total reimbursement from both the tenant and the government subsidy would be $960 ($270 + $630), leaving a gap of $130.
This reimbursement gap or surplus depends entirely on the rent set by the landlord and the tenant's income. Landlords must ensure that the rent charged does not exceed the SAFMR to avoid any financial shortfall. If the landlord decides to charge less than the SAFMR, say $850, then the reimbursement would cover the entire rent, leaving a surplus of $50 plus the utility allowance, assuming the tenant's portion remains at $270 and the government subsidy adjusts accordingly.
In ZIP 24976, landlords should carefully consider the SAFMR when setting rents for Section 8 participants. Charging above the SAFMR can result in a significant financial gap that the landlord must absorb. Conversely, charging below the SAFMR can lead to a surplus, though this is not common practice due to the limited number of vouchers available and the competitive nature of the program.
The typical reimbursement gap for a two-bedroom apartment in ZIP 24976, given the local market rent of $1,090, is $130 per month. This means landlords need to factor in this shortfall when budgeting for maintenance, vacancies, and other costs associated with property management.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.