Location: Iredell County, NC | Metro: Iredell County, NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
The ZIP code 28010 encompasses the Barium Springs neighborhood in North Carolina. With a population of 48,010, it is a sizeable community where the median household income stands at $53,010. The median home value in this area is $186,595, indicating a moderate cost of living.
Moving into the specifics of rent economics, the Fair Market Rent (FMR) for ZIP code 28010 in fiscal year 2024 is set at $1210. This figure serves as a benchmark for rental pricing within the Section 8 program. However, the exact market rent for the area is not specified, suggesting a need for further investigation to understand how the FMR compares to local market rates.
For Section 8 investors, the decision between being a hands-off voucher operator or a hands-on value-add buyer depends on several factors. Given the median income and home values, Barium Springs appears suitable for a hands-off approach, where the focus is on maintaining properties and collecting stable rental income through the voucher system. The FMR provides a clear guideline for setting rents, which can be beneficial for those who prefer a straightforward investment strategy.
On the other hand, if an investor seeks to actively manage their portfolio and increase property values, there might be opportunities in Barium Springs. The median home value suggests that there could be room for improvement in certain areas, potentially allowing for higher returns over time through renovations and strategic management. However, the lack of specific market rent data makes it challenging to assess whether such an active strategy would be profitable.
In conclusion, ZIP code 28010 offers a balanced environment for both hands-off and hands-on Section 8 investments. For those who prioritize stability and ease of management, the established FMR provides a reliable framework. For more proactive investors, there may be untapped potential for enhancing property values and rental yields, but this requires a deeper understanding of the local rental market beyond the provided FMR.
Data Sources: FMR data from HUD (2027).
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.