Location: Winston-Salem, NC | Metro: Winston-Salem, NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The dynamics of ZIP 27011, Boonville, NC, reveal a market in motion, characterized by a balance between rental affordability and homeownership values. The Fair Market Rent (FMR) for the area stands at $900 for the fiscal year 2024, while the market rent as per the Census ACS is slightly lower at $838. This suggests that the rental market is relatively stable and closely aligned with government guidelines.
The median home value in Boonville is $236,420, indicating a middle-class residential area where homeownership is accessible but not without significant financial commitment. The lack of data on price-cut share and days on market (DOM) makes it challenging to determine if supply is currently outpacing demand or vice versa. However, the current snapshot implies a steady state where neither an abundance nor a scarcity of homes is evident.
With a renter share of 22.5%, Boonville demonstrates a modest reliance on rental properties, which could be indicative of a stable housing market. This percentage suggests that a substantial portion of the population opts for homeownership, possibly due to the affordable median home values. The long-term housing pressure is likely to remain consistent, as a significant majority of residents own their homes, reducing the strain on available rental units. Nonetheless, the presence of renters at this level indicates a continuous need for quality rental properties, ensuring that landlords can maintain a steady occupancy rate.
In summary, Boonville's housing market reflects a blend of stability and accessibility. Landlords and small-portfolio investors should find comfort in the moderate rental rates and the potential for steady returns, given the existing balance between homeowners and renters.
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.