Location: Durham-Chapel Hill, NC | Metro: Durham-Chapel Hill, NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,510 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
The ZIP code 27515, located in Durham-Chapel Hill County, NC, presents unique characteristics that distinguish it from other areas. However, due to the lack of specific data on resident numbers, rental percentages, median income, and median home values, a detailed economic analysis based on these metrics is currently unavailable.
Despite the absence of comprehensive local housing market data, the Federal Market Rent (FMR) for ZIP 27515 offers insight into the voucher economics. For fiscal year 2024, the FMR stands at $1670. This figure is critical for landlords and small-portfolio investors considering participation in the Section 8 program, as it dictates the maximum rent that can be charged to tenants using vouchers.
The disparity between the FMR and the actual market rates highlights the importance of understanding local rental dynamics. While the specific market rent for the area is not provided, landlords should be aware that the FMR serves as an upper limit for subsidized rents, potentially impacting their decision to accept Section 8 tenants. It's essential to compare this FMR against the typical market rents in the area to gauge the financial feasibility of accepting vouchers.
Given the limited data available, it's challenging to definitively classify the ZIP 27515 as either stable or transitional. Stability in a housing market often implies consistent trends in population, income levels, and home values, whereas transitional markets might show signs of rapid change or development. Landlords and investors should monitor local trends and consult with local real estate professionals to better understand the current state of the market in ZIP 27515.
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.