Location: Asheville, NC | Metro: Asheville, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,010 |
| 4 Bedrooms | $2,780 |
| 5 Bedrooms | $3,225 |
| 6 Bedrooms | $3,612 |
| 7 Bedrooms | $3,901 |
| 8 Bedrooms | $4,096 |
U.S. Census Bureau data (2024)
In ZIP code 28757, the economics of Section 8 housing are straightforward. The SAFMR (Standard Area Fair Market Rent) for a two-bedroom apartment is set at $1460 per month for the fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, meaning it reflects the rental rates and living costs unique to the area.
The SAFMR is the maximum amount that the Housing Choice Voucher program will pay for a given unit size. However, the actual reimbursement to landlords depends on several factors, including the tenant's contribution towards rent and any utility allowances. Tenants are generally required to contribute 30% of their adjusted income toward rent. For example, if a tenant's adjusted monthly income is $1000, they would contribute $300 towards the rent.
Utility allowances can vary but typically range from $100 to $300 per month, depending on the type of utilities included and the average cost in the area. These allowances are paid directly to the landlord to cover the tenant's utility expenses.
To illustrate, let’s assume a two-bedroom apartment is rented at the SAFMR of $1460. If the tenant contributes $300 and there is an additional utility allowance of $200, the total reimbursement to the landlord would be $1960 ($1460 + $300 + $200). This calculation shows that landlords might receive slightly more than the SAFMR when utility allowances are considered.
However, the reimbursement gap or surplus is determined by comparing the total reimbursement to the local market rent. Since the local market rent for ZIP 28757 is not available, we cannot definitively state whether landlords will face a shortfall or enjoy a surplus. But based on the SAFMR alone, landlords should expect to receive $1460 for a two-bedroom unit, which includes the tenant's contribution and utility allowances.
Landlords must ensure that their rental properties meet the quality standards set by the Section 8 program to qualify for these payments. Additionally, landlords should be aware that while the SAFMR provides a baseline for reimbursement, the actual amount paid can fluctuate based on the individual tenant's income and the specific utility costs in the area.
In conclusion, for a two-bedroom apartment in ZIP 28757, landlords should anticipate receiving $1460 per month under the Section 8 program, with potential increases due to tenant contributions and utility allowances. The lack of specific local market rent data means the exact reimbursement gap or surplus remains unknown, but landlords can rely on the SAFMR as a guiding figure for their expectations.
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.