Location: Durham-Chapel Hill, NC | Metro: Durham-Chapel Hill, NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,360 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,280 |
| 5 Bedrooms | $2,645 |
| 6 Bedrooms | $2,962 |
| 7 Bedrooms | $3,199 |
| 8 Bedrooms | $3,359 |
U.S. Census Bureau data (2024)
Durham, NC's ZIP code 27701 stands out with a population of 24,793 residents, where 69.8% are renters. The median income in this area is $69,740, and the median home value is $421,627, indicating a relatively affluent neighborhood that still maintains a significant rental market.
The voucher economics in ZIP 27701 are favorable for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,430, while the Zillow Observed Rent Index (ZORI) for the market rent is $1,759. This means that landlords can expect to receive a higher rent from market tenants compared to those using Section 8 vouchers, providing an opportunity to maintain competitive pricing and attract a mix of tenants.
The data signature for ZIP 27701 reads as stable. With a high percentage of renters and a strong median income, the area supports a steady demand for housing. The median home value also suggests that there is a balance between homeownership and renting, which contributes to a consistent real estate market. For investors looking to diversify their portfolio or enter the Durham market, ZIP 27701 offers a reliable environment with potential for both rental income and property appreciation.
Data Sources: FMR data from HUD (2027). 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.