Location: Rutherford County, NC | Metro: Cleveland County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The ZIP code 28020 stands out due to its unique demographic and economic characteristics. With a population of 2,240 residents, it has a rental rate of 13.8%, which is relatively low compared to national averages. The median income in this area is $59,978, while the median home value is significantly higher at $163,172. This indicates a strong preference for homeownership among the local population.
When it comes to Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 28020 is set at $930 for the fiscal year 2026, reflecting the metro area's standards. However, the current market rent, based on Census ACS data, is $785. This discrepancy suggests that landlords participating in the Section 8 program can expect to receive rents above the current market rate, providing a financial incentive to accept vouchers.
The data signature for ZIP 28020 reads as stable. The low rental rate combined with a high median home value indicates a community where homeownership is the predominant housing choice. This stability is further supported by the median income figure, which is consistent with the overall financial health of the residents. Landlords and small-portfolio investors should find this environment predictable and favorable for long-term investments, especially considering the potential for higher rents through Section 8 participation.
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.