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 | $1,730 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,450 |
| 4 Bedrooms | $3,250 |
| 5 Bedrooms | $3,770 |
| 6 Bedrooms | $4,222 |
| 7 Bedrooms | $4,560 |
| 8 Bedrooms | $4,788 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,450 | $527,642 | 0.46% | F |
| 4BR | $3,250 | $668,231 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 27562 is situated in a high-end, affluent neighborhood characterized by its exclusive residential properties and low population density. With a total population of only 5,659 residents, it stands out as an area where homeownership is the norm, given that only 3.4% of the residents are renters. The median household income in this ZIP code is notably high at $172,955, reflecting the wealth of its inhabitants. Correspondingly, the median home value is also impressively high at $684,451, which places it firmly in the upper echelons of real estate markets.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 27562 is set at $1280 for the fiscal year 2024. This figure represents the maximum amount a landlord can charge for a rental unit under the Section 8 program. However, the lack of available market rent data suggests that traditional rental dynamics are not prevalent in this ZIP code, likely due to the overwhelming majority of homeowners. The high median income indicates that even those who do rent are likely to afford higher rents outside of the voucher program.
Given these conditions, ZIP 27562 may not be the ideal location for a hands-off Section 8 voucher operator. The limited number of renters and the exclusive nature of the neighborhood suggest that finding tenants who qualify for and are interested in Section 8 could be challenging. For a hands-on value-add buyer, however, there might be opportunities. By converting homes into high-quality rentals or creating luxury rental units that cater to the few renters willing to pay premium rates, an active investor could potentially capitalize on the area's affluence and low vacancy rate. Such an approach would require careful consideration of the local market, tenant preferences, and the ability to navigate the complexities of the Section 8 program.
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.