Location: Calhoun County, GA | Metro: Albany, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 39862 operate under specific guidelines that directly impact a landlord's income. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $890 per month for FY 2024. This figure is specific to this ZIP code, reflecting the localized rental market conditions.
Local market rents, according to Census ACS data, are currently at $829 per month for a similar unit size. This indicates that the SAFMR for ZIP 39862 is slightly above the average local market rent, which can be beneficial for landlords seeking stable income.
A voucher payment structure involves several components. The Housing Authority determines the amount it will pay towards the rent based on the SAFMR. In ZIP 39862, if a landlord charges the maximum SAFMR of $890, the Housing Authority will cover the difference between the tenant's portion and this amount. Typically, the tenant contributes about 30% of their adjusted income toward the rent.
To illustrate, assume a tenant's monthly adjusted income is $1,000. Their contribution would be $300 (30% of $1,000), leaving $590 to be covered by the Housing Authority. However, the Housing Authority will only pay up to the SAFMR, which is $890 in this case. Therefore, the actual reimbursement would be $590, assuming the rent is set at the SAFMR limit.
Beyond the base rent, utility allowances are also considered. These allowances vary but are typically around $200-$300 per month, depending on the region and type of utilities. For ZIP 39862, let’s say the utility allowance is $250. This brings the total reimbursement to $840 ($590 for rent + $250 for utilities).
Given the local market rent of $829, a landlord setting the rent at the SAFMR level of $890 would face a potential reimbursement gap. The gap is calculated by subtracting the total reimbursement from the rent charged. In this scenario, the gap would be $50 ($890 - $840).
Thus, landlords in ZIP 39862 must consider this reimbursement gap when deciding whether to accept Section 8 tenants. If the rent is set at the market rate of $829, the landlord would receive the full amount plus any applicable utility allowance, avoiding the gap entirely. However, setting the rent at the SAFMR level can offer stability and predictability, albeit with a small financial shortfall.
In summary, for a two-bedroom unit in ZIP 39862, the typical voucher reimbursement leaves a $50 shortfall when the rent is set at the SAFMR limit of $890. Landlords should weigh the benefits of guaranteed payments against the minor financial gap.
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.