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 | $1,820 |
| 1 Bedroom | $1,900 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,580 |
| 4 Bedrooms | $3,390 |
| 5 Bedrooms | $3,932 |
| 6 Bedrooms | $4,404 |
| 7 Bedrooms | $4,756 |
| 8 Bedrooms | $4,994 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,080 | $499,549 | 0.42% | F |
| 3BR | $2,580 | $538,720 | 0.48% | F |
| 4BR | $3,390 | $681,233 | 0.5% | F |
| 5BR | $3,932 | $985,873 | 0.4% | F |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 27523, located in Apex, North Carolina, within Wake County and part of the Raleigh-Cary metropolitan area, reveals a slight edge for landlords accepting vouchers. The Fair Market Rent (FMR) set by HUD for FY 2024 is $1,970, which is notably above the market rent, as measured by Zillow's ZORI index, at $1,918. This indicates that voucher tenants will generally cashflow at the FMR rate, providing a modest positive difference between voucher payments and market rents.
To further analyze the investment potential, consider the median home value in the area, which stands at $737,752. Using the FMR of $1,970, we can calculate a rent-to-price ratio of approximately 0.27%. This low ratio suggests that rental income alone might not be the most compelling reason to invest in the area; however, it does indicate strong property values, which can translate into significant equity gains over time.
The real estate market in ZIP 27523 shows a median Days on Market (DOM) of 64 days, indicating a relatively quick turnover for properties. Additionally, the average price cut share is a mere 0.3%, suggesting that buyers are willing to pay the asking price without much negotiation. These factors point towards a robust real estate market where both buying and renting are viable options.
In conclusion, while the primary angle for Section 8 investors in ZIP 27523 is cashflow due to the favorable FMR-to-market rent spread, the high median home values and stable market conditions also support long-term appreciation and stability as strong investment angles.
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.