Location: Cleveland County, NC | Metro: Cleveland County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 28017 is characterized by a median home value of $227,886, indicating a relatively stable market. However, the absence of recent market rent data suggests that there might be limited activity in the rental sector, which could imply either a tight rental market or a lack of comprehensive data coverage. The Family Monthly Rent (FMR) for the area stands at $930 for fiscal year 2026, reflecting the federal guideline for determining fair rent in subsidized housing programs.
The FMR figure can be used to gauge the potential rental market's health indirectly. If the actual market rents were available and significantly lower than the FMR, it would suggest that the rental market is under pressure, possibly due to an oversupply of units. Conversely, if market rents were higher than the FMR, it would indicate a strong demand for rentals, potentially leading to higher competition among tenants.
The median home value provides insight into the overall property values in the area, but without historical data, it's challenging to definitively state whether the market is trending towards appreciation or depreciation. Still, a median home value of $227,886 suggests that homeownership remains accessible to a broad range of buyers, which could attract both first-time buyers and investors looking for entry-level properties.
The unknown percentage of price-cut share and days on market (DOM) further obscure the immediate supply-demand dynamics. Typically, a high percentage of price-cut share and longer DOM periods signal a buyer's market, whereas low percentages and shorter DOM periods suggest a seller's market. In the absence of these metrics, the focus shifts to understanding the broader context of the ZIP code's real estate environment.
The unspecified renter share percentage also leaves room for interpretation regarding long-term housing pressures. A higher renter share often correlates with increased housing pressure, as more residents rely on rental properties rather than owning homes. This dynamic can create sustained demand for rental units, influencing both rental rates and the availability of affordable housing options.
In summary, ZIP 28017 presents a mixed picture of real estate dynamics. While the median home value and FMR provide some clarity, the lack of current market rent data, price-cut share, and DOM makes it difficult to ascertain the exact supply-demand balance. Landlords and small-portfolio investors should consider the accessibility of homeownership and the potential for rental demand growth when evaluating investment opportunities in this area.
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.