Location: Raleigh-Cary, NC | Metro: Durham-Chapel Hill, NC HUD Metro FMR Area
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 | $1,880 |
| 1 Bedroom | $1,960 |
| 2 Bedrooms | $2,140 |
| 3 Bedrooms | $2,660 |
| 4 Bedrooms | $3,550 |
| 5 Bedrooms | $4,118 |
| 6 Bedrooms | $4,612 |
| 7 Bedrooms | $4,981 |
| 8 Bedrooms | $5,230 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,140 | $465,602 | 0.46% | F |
| 3BR | $2,660 | $509,833 | 0.52% | F |
| 4BR | $3,550 | $692,759 | 0.51% | F |
| 5BR | $4,118 | $1,002,358 | 0.41% | F |
U.S. Census Bureau data (2024)
Cary’s 27519 zip code represents the affluent, master-planned side of the Triangle, characterized by sprawling suburban developments and high-quality amenities. The area is home to major employers like Fidelity Investments, whose sprawling campus anchors the local economy and draws a steady stream of high-earning professionals. This neighborhood is defined by manicured landscaping, proximity to the American Tobacco Trail, and a reputation as one of North Carolina’s most desirable family enclaves.
From a pure numbers standpoint, the HUD Fair Market Rent (FMR) for a 2-bedroom unit sits at $2,240, creating a favorable spread against the Zillow market rent of $1,948. This gap means voucher holders effectively pay $292 above market rate, a significant premium for landlords. However, acquisition costs are steep, with a median home value of $705,980 and median 2BR sales at $473,814. Properties move relatively slowly here, with a median of 58 days on market. Based on the rent-to-price ratio, immediate cash-flow on a standard mortgage is unlikely without substantial equity.
The tenant profile is distinct, driven by a median household income of $165,586 and a renter share of just 30.9%. While the income suggests a market resistant to economic downturns, the low renter share indicates a predominance of owner-occupants, limiting the overall rental inventory. Demand is bolstered by access to top-tier WCPSS schools and extensive greenway systems, though this is a car-dependent area. Families with vouchers here likely have stable income supplements, but they are competing in a market where high barriers to entry are the norm.
The strongest investor angle in 27519 is long-term appreciation and portfolio stability rather than immediate cash-flow. The positive $292 gap between FMR and market rent provides a safety net if market rents soften, while the high median incomes protect against vacancy risk. This is a "buy and hold" play where the premium HUD payments help offset the high acquisition costs, making it suitable for investors seeking capital preservation over monthly liquidity.
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.