Location: Winston-Salem, NC | Metro: Winston-Salem, NC HUD Metro FMR Area
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 | $1,140 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,410 | $233,578 | 0.6% | D |
| 3BR | $1,860 | $349,655 | 0.53% | F |
| 4BR | $2,260 | $570,444 | 0.4% | F |
| 5BR | $2,622 | $792,928 | 0.33% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 27023, Lewisville, NC, stands at $107,924. This figure provides insight into the financial capacity of households in the area to cover rental expenses. The current market rate for rentals, known as the Zillow Observed Rental Index (ZORI), is set at $2,000. When comparing this market rate to the median household income, it becomes evident that most residents have the means to afford these higher rents.
However, the landscape changes significantly when considering government housing assistance through Section 8 vouchers. The Fair Market Rent (FMR) for ZIP 27023 in fiscal year 2024 is established at $1,230. This amount represents the payment standard for vouchers, which is considerably lower than the market rate. Consequently, landlords who rely on voucher payments will receive a rent that is less than half of what the market dictates, creating a substantial affordability gap between market-rate tenants and those utilizing vouchers.
In ZIP 27023, only 12.6% of the total population are renters, with a total population of 14,414. This low percentage of renters suggests limited competition among landlords for tenants, especially those seeking market-rate rents. However, the competition for voucher tenants might be more intense due to the lower payment rates and the necessity for landlords to meet specific property standards.
For landlords considering their rental strategies, the key takeaway is that while there is ample opportunity to attract market-rate tenants given the high median income, the decision to accept Section 8 vouchers should be carefully weighed against the reduced rent and additional administrative requirements. Landlords looking to maximize their rental income should focus on attracting cash-paying tenants, whereas those willing to participate in the voucher program can expect a different set of challenges and rewards.
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.