Location: Raleigh-Cary, NC | Metro: Raleigh-Cary, NC MSA
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 | $1,420 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,690 |
| 5 Bedrooms | $3,120 |
| 6 Bedrooms | $3,494 |
| 7 Bedrooms | $3,774 |
| 8 Bedrooms | $3,963 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,610 | $294,010 | 0.55% | F |
| 3BR | $2,000 | $453,868 | 0.44% | F |
| 4BR | $2,690 | $607,110 | 0.44% | F |
| 5BR | $3,120 | $953,729 | 0.33% | F |
U.S. Census Bureau data (2024)
1540 is the Fair Market Rent (FMR) for ZIP 27511, Cary, NC, for fiscal year 2024, indicating the maximum amount Section 8 participants can be expected to pay. However, the market rent, known as ZORI, stands at 1544, showing a slight premium over the subsidized rate. This difference highlights the competitive nature of the rental market in Cary, where landlords might find it challenging to attract tenants solely relying on Section 8 vouchers.
The median home value in the area is 496775, reflecting a substantial investment for homeownership. With a renter share of 33.1%, it's clear that a significant portion of the population prefers renting, which could benefit landlords looking to capitalize on the demand for rental properties. The median income of 107860 suggests that residents have the financial capacity to afford higher rents, but the 30-day Days on Market (DOM) indicates that properties are moving quickly once listed, signaling strong interest from potential renters.
The price-cut share of 0.3% reveals that very few landlords are having to reduce their asking prices to secure tenants, which is a positive sign for those managing rental properties in Cary. This low percentage of price cuts also implies that the rental market is robust and that properties are likely to be rented at or near the initial asking price.
In summary, the data paints a picture of a stable and slightly favorable rental market in ZIP 27511. Landlords should be aware of the modest gap between the Section 8 FMR and the market rent, but the quick turnover and minimal need for price adjustments suggest that rental properties are in high demand. For small-portfolio investors considering Section 8 participation, the verdict is cautiously optimistic, provided they can navigate the administrative requirements and understand the dynamics of the local rental market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.