Location: Wilson County, NC | Metro: Rocky Mount, NC MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $153,136 | 0.67% | D |
| 3BR | $1,400 | $238,653 | 0.59% | F |
| 4BR | $1,640 | $368,495 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 27822, encompassing Elm City, NC, presents a dynamic housing market that is currently in flux. The Fair Market Rent (FMR) for the area stands at $950 for fiscal year 2024, indicating a higher threshold for rental rates compared to the actual market rent of $862, as reported by the Census Bureau's American Community Survey (ACS).
This discrepancy suggests that there is a potential upward pressure on rents, as landlords may aim to align their rental incomes with the FMR guidelines. However, the lack of specific data regarding the percentage of price cuts and days on market (DOM) makes it challenging to definitively state whether supply is outpacing demand or vice versa. Nonetheless, the median home value of $236,560 provides insight into the overall cost of homeownership in the area.
A key factor influencing the market dynamics is the 16.4% renter share. This relatively low proportion of renters indicates a strong preference for homeownership among residents, which can translate into less immediate pressure on rental properties. However, it also implies that any increase in rental rates could face resistance if homeownership remains accessible and preferred.
The interplay between these factors—FMR, market rent, and renter share—creates a market where landlords must be strategic in pricing their units to attract tenants without alienating those who might prefer to buy. While the median home value is a significant figure, the rental market's current conditions and potential for growth remain somewhat ambiguous without more detailed time-series data.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.