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 |
1700 is the Fair Market Rent (FMR) for ZIP 27675 in fiscal year 2024, setting a clear benchmark for rental properties in this area. However, the lack of specific market rent data (N/A) makes it challenging to directly compare the FMR to local rental rates, indicating a potential gap in available market information. Similarly, the absence of data on median home values (N/A) suggests that homeownership trends may not be fully reflective of rental market dynamics. The N/A renter share percentage points to an unclear picture of how many residents are likely to seek rental housing, which is crucial for understanding demand. With the median income also unspecified (N/A), it's difficult to gauge the financial capability of tenants in the area to afford rents at or near the FMR. The N/A days on market (DOM) figure indicates that there might not be enough data to assess how quickly rental units are typically filled, which could affect cash flow expectations. Lastly, the N/A% price-cut share suggests that we don't have insights into how often landlords in this area need to reduce rents to attract tenants, which can impact profitability.
Despite these data gaps, the 1700 FMR remains a critical reference point for landlords and small-portfolio investors considering participation in the Section 8 program. It defines the maximum allowable rent for subsidized units, ensuring that landlords receive a fair rate while keeping housing affordable for low-income families. Given the limited market-specific data, reliance on the FMR becomes even more important for setting realistic expectations about rental income and occupancy rates. For those willing to navigate the uncertainties posed by the incomplete dataset, the 1700 FMR offers a stable anchor in determining the viability of Section 8 properties in ZIP 27675.
Section 8 verdict: Viable with reliance on FMR for guidance.
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.