Location: Perquimans County, NC | Metro: Perquimans County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 27985 reveals a significant gap between the Fair Market Rent (FMR) set at $1,110 for fiscal year 2026 and the actual market rent of $1,279, based on Census ACS data. This disparity amounts to $169 per month, representing approximately a 13.2% difference.
Given that the FMR is lower than the market rent, landlords and small-portfolio investors must consider the financial implications of renting to voucher tenants at rates below the open-market level. The average rental income for properties under the Section 8 program will be $169 less per month compared to market rates, impacting overall yields. However, this gap is mitigated by the stability and security of government-backed payments, ensuring consistent cash flow despite the lower rate.
The local context provides further insight into this situation. With 61.0% of residents being renters and an average household income of $63,233, the demand for affordable housing is high. Despite the absence of median home value data, it's evident that the majority of residents rely on rental options, making the Section 8 program a critical component of the local housing market.
To summarize, the gap between FMR and market rent in ZIP 27985 presents a trade-off for landlords. While accepting voucher tenants means receiving rents below market levels, the guaranteed payment structure and the strong local demand for affordable housing can still make this a viable investment strategy. The key is understanding the balance between yield and tenant stability when considering participation in the Section 8 program.
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.