Section 8 Fair Market Rent (FMR) for ZIP 27844 - 2027

Location: Warren County, NC | Metro: Raleigh-Cary, NC MSA

Investment Score for ZIP 27844

N/A

Monthly Rent (2BR)

$1,220

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,060
1 Bedroom	$1,080
2 Bedrooms	$1,220
3 Bedrooms	$1,500
4 Bedrooms	$1,980
5 Bedrooms	$2,297
6 Bedrooms	$2,573
7 Bedrooms	$2,779
8 Bedrooms	$2,918

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,500	$117,753	1.27%	A

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,334

Median Household Income

$39,076

Housing Units

1,636

Renter Percentage

25.3%

Occupancy Rate

83.1%

Renter Occupied

344

The ZIP code 27844, located in North Carolina, offers a unique opportunity for real-estate investors interested in the Section 8 housing market. The area has a mix of rental properties and homeownership, making it a viable option for those looking to diversify their investment portfolio.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 27844 for fiscal year 2024 is set at $1280, indicating a moderate demand for subsidized housing units.
The average market rent for properties in this ZIP code, according to Census ACS data, stands at $758, which is significantly lower than the FMR, suggesting that there is a substantial price difference between market rates and what is considered fair market value for subsidized housing.
The median home value in ZIP 27844 is $81,249, reflecting a relatively affordable market for potential homeownership investments.
Renters make up 25.3% of the population, showing a notable portion of the community relies on rental housing, including potentially Section 8 vouchers.
The median household income in this area is $39,076, which aligns well with the income limits for Section 8 eligibility, supporting the viability of rental properties in this ZIP code.

Synthesizing these points, investors can see that ZIP 27844 presents a balanced opportunity where the demand for subsidized housing is supported by both reasonable market rents and a significant percentage of the population using rental assistance. With the FMR at $1280 for a two-bedroom unit, properties priced around this figure are likely to attract tenants with Section 8 vouchers. Additionally, the median home value and income levels suggest that there is a stable economic base supporting the housing market, making it a reliable choice for both rental and homeownership investments.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.