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 Fair Market Rent (FMR) for ZIP code 27623 in fiscal year 2024 is set at $1700. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is designed to help low-income families find affordable housing. It's important to note that this is not the actual rent you will receive, but rather the payment standard used by the Housing Choice Voucher program.
In ZIP 27623, the local market rent is currently N/A, which means that the FMR of $1700 is the benchmark against which all rental properties must be priced to qualify for Section 8. If the local market rent were higher, the FMR would still cap the maximum allowable rent at $1700, making it crucial for landlords to ensure their property's value aligns with this standard.
The demand for Section 8 rentals in ZIP 27623 is indicated by the N/A% of renters who rely on such assistance. This percentage suggests that there is a significant portion of the population seeking affordable housing options, creating a steady demand for Section 8 units.
When acquiring a new rental property, the typical cost is also N/A. However, the FMR of $1700 should be considered alongside these costs to determine if the investment will be profitable. It's essential to calculate your expenses, including mortgage payments, property taxes, insurance, and maintenance, to see if the Section 8 payment covers them adequately.
Before deciding to participate in the Section 8 program with a rental in ZIP 27623, verify that your property meets the minimum standards for health and safety as defined by the Department of Housing and Urban Development (HUD). This includes passing an inspection that checks for issues such as mold, lead paint, and structural problems. Ensuring compliance with these standards is critical to avoid potential penalties and to secure your participation in the program.
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.