Location: Durham-Chapel Hill, NC | Metro: Burlington, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,280 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,280 |
| 5 Bedrooms | $2,645 |
| 6 Bedrooms | $2,962 |
| 7 Bedrooms | $3,199 |
| 8 Bedrooms | $3,359 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for a two-bedroom apartment in the Durham-Chapel Hill, NC HUD Metro FMR Area for fiscal year 2024 is $1,631 per month. In comparison, ZIP 27349 has an FMR of $1190 for the same period, indicating that it is less expensive than the broader metro area.
The market rent in ZIP 27349 stands at $880, significantly lower than the FMR of $1190. This suggests that 27349 could be considered a value pocket within the Durham-Chapel Hill metro area, where rental properties are currently priced below their fair market value, providing opportunities for both landlords and Section 8 voucher holders.
The median home value in ZIP 27349 is $316,877, which is lower than the typical home values in the Durham-Chapel Hill area. This, combined with the 15.0% renter share, implies that there is a notable segment of the population relying on rental housing, making it a potentially attractive location for Section 8 vouchers.
Given the specific figures, ZIP 27349 appears to be a value pocket within the Durham-Chapel Hill, NC HUD Metro FMR Area. It offers rental opportunities that are below the metro's FMR, while also having a lower median home value compared to the average in the region. This combination makes it a strategic choice for landlords and small-portfolio investors looking to tap into the Section 8 market.
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.