Location: Person County, 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 | $1,280 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,280 |
| 5 Bedrooms | $2,645 |
| 6 Bedrooms | $2,962 |
| 7 Bedrooms | $3,199 |
| 8 Bedrooms | $3,359 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,910 | $362,068 | 0.53% | F |
| 4BR | $2,280 | $466,238 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 27583 presents an interesting landscape for both renters and landlords. The median household income here stands at $71,484, which contrasts sharply with the market rent rate of $888 per month according to Census ACS data. This means that the average household would find it challenging to meet the market rent without significant financial strain.
Comparatively, the Fair Market Rent (FMR) standard set for voucher payments in fiscal year 2024 is $1,190. This figure exceeds the market rate, indicating that tenants utilizing housing vouchers might have an easier time finding suitable accommodations. However, it also suggests a notable gap between what the typical resident can afford and the actual cost of renting.
With only 13.8% of the total population of 7,242 being renters, the competition among landlords is relatively low. This demographic detail implies that there are fewer rental units available compared to areas with higher percentages of renters. Landlords in ZIP 27583 must consider the balance between accepting voucher payments, which ensure a steady stream of income but may involve additional administrative work, and attracting cash-paying tenants who might be less common due to the financial constraints.
The takeaway for landlords is clear: while the population size and percentage of renters suggest limited competition, the disparity between median income and market rent rates necessitates a strategic approach. Accepting housing vouchers could provide a stable tenant base and mitigate risks associated with the affordability gap. However, cash-paying tenants, though fewer, offer flexibility and potentially lower administrative overheads. Landlords should weigh these factors carefully when deciding their rental strategy.
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.