Location: Greenville, NC | Metro: Greenville, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 27827 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR is set at $1050. However, the market rent data is currently unavailable, which complicates a direct comparison. Despite this, we can still provide insights based on the available information.
In ZIP 27827, only 0.0% of residents are renters, indicating a predominantly owner-occupied area. The median income stands at $96,144, suggesting a relatively affluent community. Given that the FMR is established at $1050, landlords accepting Section 8 vouchers can secure a stable tenant base willing to pay a fixed amount regardless of market fluctuations. This makes it a yield play for landlords who can manage their properties efficiently to cover costs and generate profit.
The absence of market rent data means we cannot calculate the exact percentage gap between FMR and market rent. However, if the market rent were higher than the FMR, landlords would effectively be subsidizing housing for voucher tenants, potentially leading to financial losses unless they can reduce operating costs significantly. Conversely, if the market rent were lower than the FMR, landlords could benefit from the guaranteed payment, making it an attractive option for securing long-term, reliable tenants.
To conclude, while the precise market rent figures are not available, the FMR of $1050 provides a benchmark for landlords in ZIP 27827. Accepting Section 8 vouchers can serve as a strategic move to ensure steady rental income, especially in light of the high median income and low rental population. Landlords should carefully consider their operational costs and potential subsidies when deciding whether to participate in the Section 8 program.
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.