Location: Raleigh-Cary, NC | Metro: Goldsboro, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
U.S. Census Bureau data (2024)
The ZIP code 27524, located in Four Oaks, NC, falls within the larger Raleigh-Cary, NC MSA metro area. When analyzing the key metrics for this ZIP code, it becomes evident that 27524 represents a unique value pocket within its metropolitan context.
The Fair Market Rent (FMR) for ZIP 27524 in fiscal year 2024 is set at $1280. This figure is notably higher than the market rent of $991, indicating a significant potential subsidy for landlords participating in the Section 8 program. The disparity between the FMR and the actual market rent suggests that rental properties in this area could benefit from a substantial financial cushion provided by the government.
The median home value in Four Oaks is listed at $310,361. This figure is lower than the typical home values found across the broader Raleigh-Cary, NC MSA, which often exceed $350,000. This discrepancy highlights Four Oaks as an affordable option for both homeowners and renters within the metro area.
With a renter share of 26.2%, Four Oaks has a notable portion of its residents living in rental housing. However, this percentage is not unusually high when compared to other ZIP codes within the Raleigh-Cary, NC MSA, where the average renter share can range from 20% to 35%. The combination of a relatively high renter share and lower home values points towards a potentially attractive market for Section 8 tenants.
In summary, ZIP 27524 stands out as a value pocket within the Raleigh-Cary, NC MSA. Its lower home values coupled with a higher FMR compared to the market rent makes it a favorable location for landlords who wish to participate in the Section 8 program. The presence of a moderate renter share further supports the idea that this area could be a sweet spot for such investments, offering a balance between affordability and government support.
Data Sources: FMR data from HUD (2027). 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.