Location: Raleigh-Cary, NC | Metro: Raleigh-Cary, 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 Federal Housing Administration (FHA) Fair Market Rent (FMR) for ZIP code 27555 in fiscal year 2024 is set at $1280. This figure represents the maximum amount that a landlord can charge a Section 8 tenant as rent. It's important to note that this is not the actual rent you will receive; it's the ceiling price for the subsidy.
To put this into perspective, the average rent for the area is $917 according to the latest Census American Community Survey (ACS) data. The difference between the FMR and the average rent indicates that there is a significant subsidy available for landlords who participate in the Section 8 program. This means you can charge up to $1280 per month, which is higher than the typical market rate, making it a potentially attractive option for maximizing your income.
The 33.8% renter share in ZIP 27555 suggests that there is a substantial demand for rental housing in the area. This high percentage of renters can translate into a steady stream of potential tenants for your Section 8 property. However, the acquisition cost for properties in this ZIP code is listed as N/A, which implies that specific data on property purchase prices might not be readily available. To get an accurate sense of the acquisition costs, you should consult local real estate agents or review recent sales data.
Before proceeding with a Section 8 rental, one critical factor to verify is the physical condition of the property. The Section 8 program requires that all units meet certain housing quality standards (HQS) to ensure they are safe and habitable. These standards cover a wide range of issues including structural integrity, heating, plumbing, electrical systems, and more. Ensuring your property meets these requirements will prevent delays in securing a tenant and avoid potential penalties.
In summary, the FMR of $1280 provides a clear guideline for the maximum rent you can charge under the Section 8 program. With an average local rent of $917, participating in Section 8 can offer a higher return on investment. The significant number of renters in the area, represented by the 33.8% renter share, ensures a strong demand for your property. Finally, confirming that your property meets the HQS will help you avoid complications and secure a tenant quickly.
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.