Location: Raleigh-Cary, NC | Metro: Durham-Chapel Hill, NC HUD Metro FMR Area
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 | $1,680 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,370 |
| 4 Bedrooms | $3,170 |
| 5 Bedrooms | $3,677 |
| 6 Bedrooms | $4,118 |
| 7 Bedrooms | $4,447 |
| 8 Bedrooms | $4,669 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,910 | $299,787 | 0.64% | D |
| 3BR | $2,370 | $408,982 | 0.58% | F |
| 4BR | $3,170 | $546,587 | 0.58% | F |
| 5BR | $3,677 | $995,777 | 0.37% | F |
U.S. Census Bureau data (2024)
The ZIP code 27617 in Raleigh, NC, is a renter-heavy area, with 57.2% of residents being renters. This high percentage indicates a significant demand for rental properties, including those that accept Section 8 vouchers. The population of 20,237 suggests a sizable pool of potential tenants.
The median household income in this ZIP is $110,034, which is notably higher than the Fair Market Rent (FMR) for a one-bedroom apartment at $1910 per month (FY 2024). A typical market rent of $1,501 consumes about 17% of the median household income, making it relatively affordable for most residents. However, given the income levels, Section 8 vouchers, which typically cover lower rent amounts, would represent a smaller portion of local incomes, potentially limiting their usage among higher-income households.
Landlords in ZIP 27617 should anticipate a tenant profile that includes a mix of individuals and families who may rely on Section 8 vouchers due to the high rent-to-income ratio. Despite the overall higher income levels, the substantial renter population implies a robust demand for affordable housing options. Tenants will likely be keen on securing stable, quality living arrangements within their budget constraints.
To summarize, while the median income is high, the significant proportion of renters in ZIP 27617 points to a strong market for rental properties, including those that cater to Section 8 tenants. Landlords can expect a diverse tenant base with a particular interest in affordable rental solutions.
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.