Location: Raleigh-Cary, NC | Metro: Raleigh-Cary, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,600 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
The ZIP code 27622, located within the Raleigh-Cary County and part of the Raleigh-Cary, NC Metropolitan Statistical Area (MSA), presents an interesting market scenario for Section 8 investors. The U.S. Department of Housing and Urban Development (HUD) Fair Market Rent (FMR) for the area is set at $1700 for the fiscal year 2024. However, without specific market rent data, it's challenging to definitively state the cash flow potential for voucher tenants at this FMR rate.
To provide a clearer picture, let's consider the median home value in the area. Unfortunately, the exact figure is not available, which makes deriving a precise rent-to-price ratio difficult. This ratio is crucial for understanding the rent-versus-buy dynamics, but the lack of data means we cannot accurately assess how competitive renting is compared to owning a home in this ZIP code.
In terms of the days on market (DOM) and the percentage of homes that have been price-cut, these metrics are also not provided. These would typically be important indicators for understanding the health of the housing market and the potential for property appreciation or stability. Without them, we can't make a direct connection between rental market conditions and the broader real estate market trends.
Given the available HUD FMR and the absence of specific market rent data, it's reasonable to assume that voucher tenants might cashflow at FMR rates, especially if the local rental market is somewhat aligned with the national average where HUD FMRs often reflect market rents. However, this assumption could vary based on the actual local rental rates.
The strongest investor angle in ZIP 27622 appears to be stability. The Raleigh-Cary MSA has shown consistent growth and demand for affordable housing, making it a reliable market for long-term investments. Stability provides a solid foundation for cash flow and appreciation, ensuring steady returns over time.
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.