Section 8 Fair Market Rent (FMR) for ZIP 27593 - 2027
Location: Raleigh-Cary, NC | Metro: Raleigh-Cary, NC MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,110 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
A skeptical investor considering ZIP 27593 might raise several concerns regarding the feasibility of investing in this area. Let's address these concerns with the available data.
- Will FMR $1280 (zip FY 2024) cover the mortgage on a home? The data does not provide a direct answer to the median home value in ZIP 27593, making it difficult to calculate the exact mortgage amount. However, if we assume a typical mortgage rate and a reasonable home value, the FMR of $1280 might cover a significant portion but likely not the entirety of the mortgage payments. Additional research into specific properties and current mortgage rates is necessary to determine this accurately.
- Is there enough renter demand at N/A%? According to the data from Realtor.com, the rental vacancy rate for ZIP 27593 is not directly provided. However, the median monthly rent is reported at $1280, indicating some level of demand. To fully assess the demand, one would need to consider the population size, job growth, and other factors that influence rental demand. Without specific vacancy rate data, it's challenging to quantify the exact level of demand.
- Will vouchers keep pace with market rents? The Federal Market Rent (FMR) is set at $1280 for ZIP 27593 in FY 2024. This figure is used to determine the maximum rental assistance payment for housing voucher recipients. If market rents remain stable or increase only slightly, vouchers should cover the cost effectively. However, if market rents rise significantly, the gap between voucher amounts and actual rents could widen, potentially reducing the effectiveness of vouchers in covering rent costs.
In conclusion, while some data points are available, such as the median monthly rent, key metrics like the median home value and rental vacancy rate are missing. These gaps make it difficult to provide a comprehensive analysis of investment viability in ZIP 27593. Further investigation into specific property values and rental demand trends is recommended.
Data Sources: FMR data from HUD (2027).
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.