Location: Greene County, NC | Metro: Greenville, 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 | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $126,526 | 0.89% | C |
| 3BR | $1,450 | $208,139 | 0.7% | D |
| 4BR | $1,810 | $297,763 | 0.61% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP 27828, located in Farmville, NC, within the Greene County, NC metro area, does not work favorably for landlords. The Fair Market Rent (FMR) set at $1090 for fiscal year 2024 contrasts sharply with the actual market rent of $743, as reported by the Census ACS. This indicates that landlords might struggle to meet the higher rent standards set by the government while remaining competitive in the local rental market.
Acquisition of properties in this ZIP code is relatively affordable. The median home value stands at $211,577, which is a reasonable investment for landlords looking to expand their portfolios. However, the lack of data on days on market (DOM) and the low percentage of homes requiring price cuts (0.3%) suggest that the housing market may be stable but not particularly active. Landlords should consider the potential for slower sales and limited opportunities to acquire distressed properties at lower costs.
Tenant demand in ZIP 27828 is moderate. With a total population of 7,909, nearly 30% of residents are renters, indicating a steady but not overwhelming pool of potential tenants. While this suggests a consistent demand for rental properties, it also implies that competition among landlords could be significant, potentially driving down rents and affecting profitability.
In conclusion, ZIP 27828 presents a mixed scenario for landlords and small-portfolio investors. While the cost of acquiring property is manageable, the discrepancy between FMR and market rent poses a challenge. Additionally, the moderate tenant demand and stable housing market suggest that while there is a reliable base of renters, achieving high returns will require careful management and possibly strategic pricing adjustments to balance between affordability and profitability. Landlords should proceed with caution and be prepared for a market where meeting rent expectations and maintaining occupancy rates are key concerns.
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.