Location: Perquimans County, NC | Metro: Gates County, NC HUD Metro FMR Area
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 | $1,440 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,640 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,240 | $257,642 | 0.87% | C |
U.S. Census Bureau data (2024)
The analysis of ZIP code 27946 in Perquimans County, North Carolina reveals several key points that landlords and small-portfolio investors should consider before investing.
The rent math does not work favorably for Section 8 participants. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $950. This figure is significantly lower than the market rent reported by the Census Bureau's American Community Survey (ACS), which stands at $1,537. Landlords participating in the Section 8 program would be leaving substantial revenue on the table compared to what they could potentially earn in the open market.
Acquisition costs in ZIP 27946 are relatively low, with a median home value of $237,781. However, the lack of available data on the number of days on market (DOM) and the percentage of homes needing price cuts indicates a less active housing market. This could mean fewer opportunities for quick sales or refinancing if needed, but also suggests stability and possibly lower competition among property owners.
Tenant demand is modest. With a total population of 1,008, only 17.5% of residents are renters. This means that the pool of potential tenants is limited, and landlords might face challenges in finding and retaining tenants who qualify for Section 8 assistance.
Verdict: ZIP 27946 presents a challenging investment scenario for Section 8 real estate. The disparity between the FMR and market rent suggests that landlords will have to accept a lower income per unit. While the median home value indicates affordability for acquisition, the limited rental market and modest tenant demand make it less attractive for generating consistent returns. Investors should carefully weigh these factors against their long-term goals and risk tolerance before proceeding with any investment decisions in this 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.