Location: Richmond County, NC | Metro: Montgomery County, NC
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 | $990 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,210 | $133,944 | 0.9% | C |
| 3BR | $1,580 | $177,251 | 0.89% | C |
| 4BR | $2,000 | $218,666 | 0.91% | C |
U.S. Census Bureau data (2024)
The ZIP code 27229, located in Candor, NC, presents a market in motion, characterized by specific dynamics that influence its real estate landscape. The Fair Market Rent (FMR) for the area is set at $1,010 for the fiscal year 2026, while the current market rent, according to Census ACS data, stands at $898. This indicates a potential upward trend in rental values, aligning with the projected FMR increase.
The median home value in Candor, NC, is $149,799, suggesting a relatively affordable housing market for homeownership. However, the lack of data on price-cut shares and days on market (DOM) means we cannot definitively assess the balance between supply and demand. Despite this gap, the current snapshot provides valuable insights into the housing dynamics.
A noteworthy statistic is the 30.6% renter share in Candor, NC. This figure points to a significant portion of the population preferring or being compelled to rent rather than buy. High renter shares can be indicative of several factors, including affordability constraints, demographic preferences, or economic conditions that favor renting over purchasing. In the context of ZIP 27229, this suggests a steady long-term housing pressure, as a substantial number of residents rely on rental properties. Landlords and small-portfolio investors should be aware of this trend, as it may imply a consistent demand for rental units in the area.
The disparity between the FMR and the actual market rent also highlights an interesting dynamic. With the FMR higher than the current market rent, there could be room for rental prices to rise, potentially benefiting landlords who manage their properties efficiently. However, this should be balanced against the median home value, which indicates that homeownership remains accessible to many residents. This accessibility might keep the rental market competitive, ensuring that landlords maintain high-quality standards to attract tenants.
In summary, ZIP 27229 exhibits a market where both rental and ownership opportunities coexist, with rental demand presenting a notable share of the housing market. The current snapshot suggests a potential for rental prices to approach the FMR levels, but the overall dynamics remain in flux until more detailed data on supply and demand is available.
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.