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 | $1,530 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,150 |
| 4 Bedrooms | $2,890 |
| 5 Bedrooms | $3,352 |
| 6 Bedrooms | $3,754 |
| 7 Bedrooms | $4,054 |
| 8 Bedrooms | $4,257 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,730 | $257,986 | 0.67% | D |
| 3BR | $2,150 | $465,775 | 0.46% | F |
| 4BR | $2,890 | $769,002 | 0.38% | F |
| 5BR | $3,352 | $1,622,173 | 0.21% | F |
U.S. Census Bureau data (2024)
The ZIP code 27609 in Raleigh, NC, is predominantly a renter-heavy area with significant potential for Section 8 tenants. With a population of 35,573, 50.2% of residents are renters, indicating a robust demand for rental properties. The median household income stands at $83,065, which provides a critical baseline for understanding the economic landscape.
The typical market rent of $1,555 represents approximately 18.7% of the median household income. This figure suggests that while rent is a substantial portion of income, it remains manageable for many households. However, for those relying on Section 8 vouchers, the rent-to-income ratio is even more critical. The Fair Market Rent (FMR) for ZIP 27609 is set at $1,660 for FY 2024, slightly above the current market rent. This indicates that the rental market is competitive but within reach for voucher holders.
The close alignment between the market rent and FMR signals a healthy environment for landlords accepting Section 8 tenants. It ensures that rents are neither too high nor too low compared to what the government deems fair, thus maintaining a balance that supports both landlords and tenants.
In terms of tenant profiles, landlords in ZIP 27609 can expect a mix of individuals and families who benefit from Section 8 vouchers. These tenants will likely be working-class individuals, low-income families, or those facing financial hardships such as unemployment, disability, or other economic challenges. They will have a demonstrated need for affordable housing and will be committed to paying their portion of the rent, which is typically 30% of their adjusted income.
To summarize, ZIP 27609 offers a favorable climate for landlords interested in Section 8 tenants. The area's high percentage of renters and the reasonable rent-to-income ratio make it an attractive location for both landlords and voucher recipients. Landlords should prepare for a diverse tenant base that values stable, affordable housing options.
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.