Location: Martin 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 | $810 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $158,607 | 0.64% | D |
| 3BR | $1,320 | $254,405 | 0.52% | F |
| 4BR | $1,660 | $346,264 | 0.48% | F |
U.S. Census Bureau data (2024)
ZIP 27889, located in Washington, NC, within the Martin County, NC metro area, serves as an ideal appreciation play within a Section 8 portfolio strategy. The Fair Market Rent (FMR) for a one-bedroom apartment in this ZIP code for fiscal year 2024 is set at $1,070, which is below the market rate of $1,250. This indicates that rental properties in ZIP 27889 are undervalued relative to their market potential.
The median home value in ZIP 27889 stands at $241,995, reflecting a relatively stable housing market. However, the key factor that positions this ZIP code as an appreciation play is the low 0.2% price-cut share and a 41-day Days on Market (DOM). These metrics suggest that properties are selling close to their asking prices without significant discounts and are moving off the market quickly, indicating strong demand and potential for property value appreciation.
A portfolio anchored in ZIP 27889 would benefit from the combination of stable rental income, supported by the Section 8 program, and the likelihood of increasing property values over time. The spread between the FMR and the market rate provides a cushion for landlords, ensuring they can maintain positive cash flow while potentially benefiting from future increases in both property and rental values.
Moreover, the 39.1% renter share and median income of $53,179 provide additional context. While the renter share is significant, indicating a substantial portion of the population relies on rentals, the median income suggests that tenants are likely to be financially stable, reducing the risk of default on rental assistance payments.
In conclusion, ZIP 27889 is best suited as an appreciation play within a Section 8 portfolio. Its characteristics of low price-cut shares, quick sales times, and a reasonable spread between FMR and market rates make it a strategic choice for investors looking to capitalize on both rental income and property value growth.
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.