Location: Burlington, NC | Metro: Burlington, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
U.S. Census Bureau data (2024)
69.4% of residents in ZIP 27340 are renters, indicating a strong demand for rental properties in the area. This high percentage suggests that landlords can find a robust tenant base without much difficulty. However, the Fair Market Rent (FMR) for ZIP 27340 in fiscal year 2024 is set at $1130, which represents the maximum amount that Section 8 vouchers will cover for a unit. This figure is crucial for landlords to understand when setting their rental rates to ensure they remain competitive while also being mindful of government subsidy limits.
The lack of data on market rent and median home values means that investors must rely on other sources to gauge local property prices accurately. Similarly, the absence of information regarding the median income of residents makes it challenging to predict the financial stability of potential tenants. However, with the 69.4% renter share, it's evident that rental housing is a significant part of the local economy, making it a viable investment opportunity.
Investors should also be aware that there is no data available on the days on market (DOM) or the percentage of listings that have had their prices cut. These metrics would typically provide insight into the speed of property sales and the competitiveness of the market, but their unavailability necessitates a thorough review of other indicators to make informed decisions.
In conclusion, despite the limited availability of certain key metrics, the high renter share of 69.4% and the $1130 FMR indicate that Section 8 properties can be a profitable investment in ZIP 27340. The strong rental market supports the idea that landlords can attract stable tenants who benefit from the voucher program. Therefore, the Section 8 verdict for ZIP 27340 is positive, given the substantial rental demand and the defined subsidy limits.
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.