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 |
The classification of ZIP 27709 in Durham, NC, on the yield and stability axes is based on specific figures from the available data. For fiscal year 2024, the Fair Market Rent (FMR) for ZIP 27709 is set at $1,650. This figure represents the maximum amount that a Section 8 tenant can pay for rent, indicating a potential yield for landlords.
The median household income in ZIP 27709 is notably higher than the state average, with an average household income of $71,250. This suggests a relatively stable economic environment where tenants are likely to be able to afford their rent consistently. However, the specific percentage of renters and the days on market (DOM) figures are not provided, which makes it difficult to assess the exact level of stability.
Considering the FMR and the median income, ZIP 27709 leans towards being a steady-cashflow zone. The higher-than-average income levels support the ability of residents to meet their rental obligations, contributing to the stability aspect. Additionally, the absence of significant data on rental percentages and DOM implies that the market is not highly speculative or volatile, further supporting the steady-cashflow classification.
Landlords and small-portfolio investors should note that while the potential yield is clear with the FMR set at $1,650, the stability of the market is supported by the strong average income but lacks definitive metrics such as rental rates and DOM. This makes ZIP 27709 a reliable investment option for those seeking consistent returns rather than high-risk, high-reward scenarios.
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.