Location: Harnett County, NC | Metro: Raleigh-Cary, NC MSA
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 | $1,060 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,220 | $335,799 | 0.36% | F |
| 3BR | $1,500 | $368,840 | 0.41% | F |
| 4BR | $1,980 | $506,727 | 0.39% | F |
U.S. Census Bureau data (2024)
Willow Spring, NC, located in ZIP code 27592, is a residential area with a total population of 21,114. The community has a relatively low percentage of renters at 11.3%, indicating a predominantly owner-occupied neighborhood. The median household income is a robust $104,252, suggesting a prosperous demographic. Median home values stand at $411,474, reflecting a stable and valuable housing market.
The rent economics in Willow Spring present an interesting opportunity for investors. The Fair Market Rent (FMR) for ZIP code 27592 in fiscal year 2024 is set at $1,280, which is significantly lower than the market rent as measured by the Zillow Observed Rental Index (ZORI), at $1,975. This disparity indicates a potential for Section 8 tenants to find the market rent challenging, but it also suggests that landlords can still achieve above-average rental incomes by catering to both voucher holders and those paying market rates.
Given these conditions, Willow Spring might be better suited for a hands-on value-add buyer rather than a hands-off voucher operator. While the FMR is lower, the strong local economy and high median income suggest that there is a significant portion of the population capable of paying higher rents. A hands-on approach would allow investors to maximize returns by improving properties to attract market-rate tenants and managing the portfolio to balance between Section 8 vouchers and non-subsidized rentals. This strategy could lead to higher overall profitability compared to a purely hands-off approach focused solely on voucher tenants.
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.