Location: Perquimans County, NC | Metro: Chowan County, NC
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 | $1,000 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,010 | $146,945 | 0.69% | D |
| 2BR | $1,320 | $180,692 | 0.73% | D |
| 3BR | $1,580 | $258,976 | 0.61% | D |
| 4BR | $1,740 | $363,134 | 0.48% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 27932, which encompasses Edenton, North Carolina, stands at $53,490 per year. Considering the market rate for rent is $675 according to the latest Census American Community Survey (ACS) data, it becomes evident that this amount represents a significant portion of a household's monthly budget. To put it into perspective, a household earning the median income would have approximately $4,457.50 in monthly income, before taxes. Renting at the market rate of $675 would allocate roughly 15% of their gross monthly income towards housing costs.
In comparison, the Fair Market Rent (FMR) for the area, set at $1,230 for metro FY 2026, is notably higher than the current market rate. This suggests that the market rate is below the FMR, which could be advantageous for both renters and landlords. However, the disparity between the market rate and the FMR highlights an affordability gap, where many households may struggle to find suitable rental properties without assistance.
With 31.4% of the population being renters and a total population of 12,745, the competition among landlords is likely to be moderate. The relatively low percentage of renters indicates a balanced market, neither heavily dominated by renters nor by homeowners. Landlords should consider the financial realities faced by local renters when strategizing their rental offerings.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: voucher tenants offer a guaranteed, government-backed source of income, albeit at a lower rate than the FMR. Vouchers typically cover around 70-80% of the FMR, meaning landlords can expect payments closer to $861-$984 per month, depending on the specifics of the voucher program. This is higher than the market rate but requires compliance with HUD regulations and potentially longer wait times for repairs and maintenance. For landlords aiming to maximize short-term cash flow and minimize administrative overhead, focusing on cash-paying tenants might be more beneficial, given the local income levels and the current market rate. However, those willing to navigate the voucher system will secure a steady, reliable income stream that aligns more closely with the FMR standards, thereby attracting tenants who may otherwise struggle to afford housing in the area.
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.