Location: Washington County, NC | Metro: Martin County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,330 |
| 5 Bedrooms | $1,543 |
| 6 Bedrooms | $1,728 |
| 7 Bedrooms | $1,866 |
| 8 Bedrooms | $1,959 |
U.S. Census Bureau data (2024)
The analysis for the Section 8 program in ZIP code 27846, which encompasses Jamesville, NC, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR set by the government for the fiscal year 2026 is $930, while the Census ACS data shows the average market rent at $665. This means that the FMR is $265 higher than the market rent, representing an increase of approximately 39.8%.
The discrepancy between these two figures is crucial for landlords and small-portfolio investors considering the Section 8 program. When the FMR exceeds the market rent, as it does here, the program becomes a yield play. Landlords can potentially earn above-average returns by participating in the Section 8 program, given the higher FMR compared to what they might charge in the open market.
In Jamesville, NC, where 28.0% of residents are renters, the median home value stands at $139,768 and the median household income is $55,147. These figures indicate a moderate economic environment, where the majority of homeowners have a stable financial standing. However, the relatively low median income suggests that many renters may struggle to afford market-rate housing, making them prime candidates for the Section 8 program.
The cost of housing voucher tenants below open-market rates is not a concern in this scenario, since the FMR is higher than the market rent. This allows landlords to receive a higher rental payment through the Section 8 program than they would from typical market-rate tenants. Therefore, for landlords in Jamesville, the decision to accept Section 8 tenants can be financially beneficial, providing a stable income source that aligns with the government's FMR standards rather than the lower local market rates.
To summarize, the gap between the FMR of $930 and the market rent of $665 presents an opportunity for landlords in Jamesville, NC, to maximize their rental yields. Given the local economic conditions, this can be a strategic move to ensure a steady stream of income while also providing affordable housing options to those who need it most.
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.