Location: Granville County, NC | Metro: Granville County, NC
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 | $1,170 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,650 | $299,317 | 0.55% | F |
U.S. Census Bureau data (2024)
In ZIP code 27509, the Section 8 housing program operates under specific economic parameters that landlords need to understand to manage their properties effectively. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $1250. This figure represents the maximum amount that the government will reimburse a landlord for renting out a unit under the Section 8 program. It's important to note that this rate is specifically tailored for this ZIP code, reflecting local rental market conditions.
The local market rent for a two-bedroom apartment in ZIP 27509, according to the Census ACS data, averages at $1,241. This indicates that the SAFMR closely aligns with the actual market rates, which can be advantageous for both tenants and landlords.
A Section 8 voucher works by covering most of the rent, but not all. Tenants are required to contribute a portion of their income towards the rent. For ZIP 27509, the tenant's contribution is typically around 30% of their adjusted income. If the SAFMR is $1250, and the local market rent is also around $1241, the government will pay the difference between the tenant's contribution and the SAFMR.
For example, if a tenant's income is $1,500 per month, they would contribute approximately $450 (30% of $1,500) towards the rent. The remaining amount, up to the SAFMR of $1250, would be covered by the Section 8 voucher. In this case, the government would pay $800 ($1250 - $450).
Additionally, the voucher includes utility allowances, which vary depending on the region and the type of unit. These allowances are designed to cover the cost of utilities such as electricity, gas, water, and sewerage. Landlords should factor these allowances into their overall rental strategy to ensure they are receiving fair compensation.
Given the close alignment between the SAFMR and the local market rent, landlords in ZIP 27509 can expect a minimal surplus or gap when renting to Section 8 participants. However, it's crucial to remember that the actual reimbursement depends on the tenant's income level and the specific utility allowances applied to the unit. In most cases, the reimbursement will be very close to the local market rent, leaving little room for profit or loss beyond standard operating costs.
To summarize, landlords in ZIP 27509 should expect a reimbursement rate of $1250 for a two-bedroom apartment under the Section 8 program. This rate is slightly higher than the average local market rent of $1,241, indicating a small surplus for landlords. However, this surplus must cover any additional costs associated with renting to a Section 8 participant, including potential maintenance and management considerations.
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.