Location: Durham-Chapel Hill, NC | Metro: Durham-Chapel Hill, NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,520 |
| 1 Bedroom | $1,580 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,520 |
| 5 Bedrooms | $2,923 |
| 6 Bedrooms | $3,274 |
| 7 Bedrooms | $3,536 |
| 8 Bedrooms | $3,713 |
1650 is the Fair Market Rent (FMR) for ZIP 27706, set for the fiscal year 2024. This figure represents the threshold above which low-income families should not spend more than 30% of their income on housing. However, the lack of specific data such as market rent, median home value, and other critical metrics suggests a limited availability of comprehensive real estate information for this area. The absence of precise data on the renter share, median income, and days on market (DOM) indicates a scarcity of transactions or listings, which could be due to the nature of the ZIP code or the current state of the local real estate market.
The N/A values for market rent, median home value, median income, and other key indicators highlight the challenges of accurately assessing the real estate landscape in ZIP 27706. This absence of data makes it difficult to gauge the overall health and trends of the housing market in the area. It also implies that the market may be less active or that there is a smaller pool of properties available for analysis, which can affect the reliability of investment decisions based solely on this ZIP code's data.
Apartments for rent in ZIP 27706 and nearby areas total 4,482, according to recent listings. This suggests a robust rental market, but without specific pricing details, it's challenging to determine how competitive these rents are relative to the $1650 FMR. Landlords and small-portfolio investors must carefully consider the local rental demand and supply dynamics when setting their own rental prices to ensure they remain competitive while still adhering to the FMR guidelines.
In conclusion, while the $1650 FMR provides a clear guideline for affordable housing in ZIP 27706, the lack of detailed market data complicates a thorough analysis. Investors should look beyond this single metric and consider broader regional trends and additional sources of information before making investment decisions. Verdict: Proceed with caution, given the limited data availability.
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.