Location: Greene County, NC | Metro: Goldsboro, 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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,220 | $130,866 | 0.93% | C |
| 3BR | $1,500 | $267,014 | 0.56% | F |
| 4BR | $1,980 | $347,420 | 0.57% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 27863, Pikeville, NC, in fiscal year 2024 is set at $1370. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a federal subsidy designed to help low-income families afford housing. It's important to note that this is not the rent you will receive; it is the payment standard used by the Housing Choice Voucher program to determine the maximum allowable rent.
In comparison, the average rent for the area, according to the Census American Community Survey (ACS), is $1,016. This suggests that the FMR of $1370 is higher than the typical market rate, potentially providing a slight buffer for landlords who participate in the Section 8 program.
Pikeville has a renter share of 22.4%, indicating that nearly one-quarter of the households in the area are renters. This creates a steady demand for rental properties, including those that might be part of the Section 8 program. However, given the lower overall rental rates, landlords should consider the potential for competition from other affordable housing options.
The median home value in Pikeville is around $248,945, which reflects the general acquisition cost for a property in the area. If you're looking to acquire a property for your first Section 8 rental, this figure gives you an idea of the investment required. It’s crucial to understand that the FMR does not cover the entire cost of owning a rental property, so landlords must ensure that the income from the voucher plus any additional rent they collect will cover expenses such as mortgage payments, maintenance, insurance, and taxes.
Before making a decision, verify that the property meets all the necessary requirements for the Section 8 program. This includes passing a thorough inspection for health and safety standards, being structurally sound, and having adequate amenities. The Housing Authority will conduct an inspection to ensure compliance with these standards, so confirming that your property meets them beforehand can save time and avoid complications.
To summarize, the FMR of $1370 provides a guideline for rent under the Section 8 program, but it does not represent the actual rent you'll receive. With an average rent of $1,016 and a 22.4% renter share, there is demand for rental properties, though competition exists. The median home value of $248,945 indicates the cost of acquiring a property, and landlords must ensure the property meets Section 8 requirements before proceeding.
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.