Location: Lincoln County, NC | Metro: Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The median income in ZIP 28033, located in Crouse, North Carolina, stands at $78,458. At first glance, this figure might seem adequate for covering the $922 market-rate rent (as per Census ACS data). However, a closer examination reveals a more nuanced picture.
The Federal Market Rent (FMR) for the zip code in fiscal year 2024 is set at $930. This means that for households earning the median income, the cost of renting at market rates or through a voucher program is nearly identical. The slight discrepancy between the market rate ($922) and the FMR ($930) indicates a minimal affordability gap, suggesting that many renters in this area could find it challenging to pay either amount without assistance.
With only 9.8% of the population being renters and a total population of 3,481, competition among landlords is relatively low. This scenario presents an opportunity for landlords to consider both voucher and cash-pay strategies. Given the tight alignment between market rents and voucher payments, landlords should weigh the benefits and drawbacks of each approach carefully.
Landlords accepting vouchers benefit from a guaranteed source of income, albeit subject to the terms and conditions of the housing authority. On the other hand, those relying on cash-paying tenants have more flexibility but must ensure they can attract and retain tenants willing to pay market rates.
The takeaway for landlords: In ZIP 28033, where median incomes barely cover market-rate rents, embracing a strategy that includes accepting vouchers can be a viable option to secure a steady stream of tenants. Landlords should also be prepared to offer competitive pricing or value-added services to attract cash-paying renters, given the limited rental market and the high cost of living relative to income levels.
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.