Location: Asheville, NC | Metro: Asheville, NC MSA
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 | $1,350 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,830 |
| 5 Bedrooms | $3,283 |
| 6 Bedrooms | $3,677 |
| 7 Bedrooms | $3,971 |
| 8 Bedrooms | $4,170 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,560 | $297,776 | 0.52% | F |
| 2BR | $1,700 | $373,115 | 0.46% | F |
| 3BR | $2,030 | $531,801 | 0.38% | F |
| 4BR | $2,830 | $794,606 | 0.36% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 28730, Fairview, North Carolina, within Buncombe County, operate under specific financial guidelines. The Section 8 Allowable Housing Payment Rate, known as SAFMR, for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $1330. This figure is specifically tailored for this ZIP code, reflecting local housing costs and conditions.
Contrastingly, the local market rent for a two-bedroom apartment in ZIP 28730 is reported to be $1197, according to the Census Bureau's American Community Survey data. This indicates that the SAFMR is slightly above the average market rent, providing landlords with a potential buffer against market fluctuations.
A landlord participating in the Section 8 program receives payments based on the difference between the tenant's portion of the rent and the total allowable payment. Here’s a breakdown:
The tenant is typically responsible for paying 30% of their adjusted income towards rent. If we assume an average household income eligible for Section 8, the tenant’s portion could range significantly depending on their specific income level. For example, if a tenant has an adjusted income of $1,000 per month, they would pay $300 toward rent.
Utility allowances are also factored into the overall reimbursement. These allowances vary but generally cover the cost of utilities up to a certain amount. In ZIP 28730, the utility allowance can help fill any gaps between the tenant’s payment and the total rent.
The Section 8 program will then cover the remainder of the rent up to the SAFMR of $1330. Using our previous example, if the total rent is $1330 and the tenant pays $300, the program would reimburse the landlord $1030 plus any applicable utility allowance.
In ZIP 28730, given the SAFMR is higher than the local market rent, landlords might find themselves in a position where the voucher reimbursement exceeds the local market rent. This creates a surplus, meaning landlords could potentially receive more than they would in a non-voucher rental situation. However, this does not account for other factors such as vacancy rates, maintenance costs, and administrative overhead associated with the program.
To illustrate the typical reimbursement gap or surplus for a two-bedroom unit: if the market rent is $1197 and the SAFMR is $1330, the landlord would have a surplus of $133 per month before accounting for the tenant’s portion and utility allowances. This surplus can be significant for landlords who wish to maintain properties above average standards without bearing the full cost of market-rate rents.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.