Location: Raleigh-Cary, 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 | $1,590 |
| 1 Bedroom | $1,650 |
| 2 Bedrooms | $1,800 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $3,010 |
| 5 Bedrooms | $3,492 |
| 6 Bedrooms | $3,911 |
| 7 Bedrooms | $4,224 |
| 8 Bedrooms | $4,435 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,800 | $481,799 | 0.37% | F |
| 3BR | $2,240 | $854,095 | 0.26% | F |
| 4BR | $3,010 | $1,375,997 | 0.22% | F |
| 5BR | $3,492 | $1,735,936 | 0.2% | F |
U.S. Census Bureau data (2024)
The ZIP code 27608 in Raleigh, NC, houses a population of 12,604 individuals, with 23.8% being renters. The median household income is notably high at $162,188. This suggests that while there is a significant number of renters, the overall demand for Section 8 vouchers may not be as deep as in areas with lower incomes. The market rent stands at $2,247, which represents approximately 1.39% of the median household income. This figure highlights that typical rental costs consume a relatively small portion of the average resident's income.
Comparing the market rent to the Fair Market Rent (FMR) of $1,650 for FY 2024 indicates that the actual rent in ZIP 27608 exceeds the FMR by about $597. This discrepancy means that landlords in this area might find it challenging to attract tenants who rely solely on Section 8 vouchers, as the voucher amount is less than the prevailing market rent. However, the higher income levels suggest that some tenants may supplement their vouchers with additional funds from their own pockets to meet the higher rent demands.
A landlord in ZIP 27608 can expect a mix of tenants, including those who use Section 8 vouchers but also have other sources of income. These tenants will likely be employed, possibly in professional fields given the high median income of the area, and able to cover the gap between the FMR and the market rent. It is important for landlords to understand that while the voucher demand exists, they must consider the additional income potential of their tenants to ensure financial stability of their rental properties.
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.