Location: Greensboro-High Point, NC | Metro: Greensboro-High Point, NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
The ZIP code 27420 in Unknown, NC, presents a market in motion, characterized by the Federal Market Rent (FMR) set at $1200 for fiscal year 2024. This figure provides a benchmark for rental properties in the area, indicating the government's assessment of what constitutes a fair rent for low-income households. However, the absence of data on market rent, price-cut share, days on market (DOM), and median home value suggests that the private sector dynamics are less transparent or perhaps less tracked compared to other markets.
The lack of specific market rent data could imply that the local rental market is either stable, closely aligned with the FMR, or underreported. It might also indicate that the rental market is influenced heavily by the Section 8 program, where rents are largely determined by the FMR rather than by supply and demand alone. In such a scenario, landlords who rely on the Section 8 program would benefit from understanding the FMR as it directly affects their income potential and tenant eligibility.
The missing percentage for price-cut share and DOM figures leaves a gap in assessing whether supply currently outpaces demand or vice versa. Typically, a higher price-cut share and longer DOM would suggest an oversupply, whereas lower figures might indicate a tighter market. Without these metrics, we cannot definitively state the balance between supply and demand. However, the FMR being a key determinant in this market implies that there may be a significant number of tenants relying on the Section 8 voucher program, which can create a steady but potentially capped demand for rental units.
The absence of data on the median home value indicates that homeownership may not be the primary focus in this ZIP code. This could mean that the area is predominantly a rental market, which aligns with the importance of the FMR in setting rental standards. The unknown percentage of the renter share further complicates the picture but suggests that renters make up a considerable portion of the housing stock. A high renter share often correlates with long-term housing pressures, as it reflects a persistent need for affordable rental options.
In summary, ZIP 27420 appears to be a market significantly influenced by the Section 8 program, with the FMR playing a crucial role in rental pricing. While we cannot conclusively determine the balance between supply and demand due to incomplete data, the prominence of rental housing suggests a continuous demand for affordable units, indicative of long-term housing pressure. Landlords and small-portfolio investors should be aware of the regulatory environment and the steady, if somewhat limited, demand driven by the Section 8 program.
Data Sources: FMR data from HUD (2027).
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.