Section 8 Fair Market Rent (FMR) for ZIP 27597 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 27597

• Housing Authority of the City of Raleigh (Raleigh, NC) - 4,301 Section 8 vouchers
• North Carolina Commission of Indian Affairs (Raleigh, NC) - 997 Section 8 vouchers
• Johnston County Housing Assistance Payments Program (Smithfield, NC) - 634 Section 8 vouchers
• Housing Authority of the County of Wake (Zebulon, NC) - 595 Section 8 vouchers
• Nash-Edgecombe Economic Development, Inc. (Rocky Mount, NC) - 592 Section 8 vouchers
• Smithfield Housing Authority (Smithfield, NC)
• Selma Housing Authority (Selma, NC)
• Benson Housing Authority (Benson, NC)

Zebulon, NC, located in ZIP code 27597, is a growing suburban area that offers a blend of rural charm and urban convenience. The region is experiencing steady growth, driven by its proximity to larger cities and a strong local economy.

• The Fair Market Rent (FMR) for ZIP 27597 in fiscal year 2024 is set at $1,280, providing a benchmark for rental pricing.
• The actual market rent, as measured by Zillow's ZORI index, stands at $1,924, indicating a premium over the FMR and suggesting a robust demand for rental properties.
• The median home value in Zebulon is $341,553, which is relatively affordable compared to many other areas in North Carolina.
• Renters make up 19.9% of the housing market, showing a significant but not overwhelming presence of renters in the area.
• The Days on Market (DOM) for rental listings averages 42 days, reflecting a moderate level of competition among potential tenants.
• The median household income in Zebulon is $84,625, which supports the ability of residents to afford higher rents and potentially higher property values.

Investors looking to enter the Zebulon market should note the gap between the FMR and the actual market rent, indicating a favorable environment for rental investments. The median home value suggests that the area is still relatively affordable, making it attractive for both homebuyers and investors. With a sizeable renter share and moderate competition for rentals, there is a solid base of demand for rental properties. The median income supports the sustainability of current rental prices and could lead to further appreciation in property values as the local economy continues to grow.

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.