Location: Lincoln County, WV | Metro: Lincoln County, WV
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 25544 are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment is set at $850 for the fiscal year 2024. This rate is specifically tailored for this ZIP code, reflecting the unique rental dynamics within the area.
A landlord's first step is understanding what a voucher pays. The voucher program reimburses a portion of the rent based on the tenant's income. Typically, the tenant is responsible for paying 30% of their adjusted monthly income towards rent. For simplicity, let’s assume an average tenant income that would result in a payment of approximately $255 per month for a two-bedroom unit. This leaves the remaining $595 to be covered by the housing authority.
In addition to the rent reimbursement, the housing authority also provides utility allowances. These can vary but are generally designed to cover reasonable costs for electricity, gas, water, and sewer. In ZIP 25544, the utility allowance might be around $150 per month. Therefore, the total reimbursement a landlord could expect from a Section 8 voucher would be $745 ($595 for rent plus $150 for utilities).
This means there is a gap between the SAFMR and the actual reimbursement. Specifically, the difference is $105 per month. Landlords must decide whether this gap is acceptable given the stability and security provided by the Section 8 program. Alternatively, if the local market rent is lower than the SAFMR, landlords might find themselves in a surplus situation, where they receive more than the average market rent for similar units.
To conclude, landlords in ZIP 25544 should anticipate a reimbursement of $745 for a two-bedroom apartment under the Section 8 program, resulting in a $105 shortfall compared to the SAFMR of $850. This gap needs to be considered when deciding to participate in 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.