Section 8 Fair Market Rent (FMR) for ZIP 28042 - 2027

Location: Cleveland County, NC | Metro: Cleveland County, NC

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

299

Median Household Income

$20,833

Housing Units

105

Renter Percentage

55.3%

Occupancy Rate

89.5%

Renter Occupied

The ZIP code 28042, located in North Carolina, is a modest residential area characterized by a significant rental market presence and a relatively low median income. This makes it particularly attractive for Section 8 real-estate investments, given the program's eligibility criteria and the local demand for affordable housing.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $930, providing a benchmark for rental rates that landlords can aim to meet or slightly exceed.
The actual market rent, as per the latest Census ACS data, stands at $732, indicating a potential gap between what tenants currently pay and what they could afford under Section 8 guidelines.
The median home value in the area is $206,613, which is lower compared to many other regions, making property acquisition potentially more affordable for investors.
Renters make up 55.3% of the population, suggesting a strong demand for rental properties and a favorable environment for landlords.
The median income of residents is $20,833, aligning well with the income limits for Section 8 participants and supporting the viability of the program in this area.

Synthesizing these points, ZIP 28042 presents a viable opportunity for Section 8 real-estate investments. The discrepancy between the market rent and the FMR indicates room for price adjustment without overstepping tenant affordability. With a high renter share and a median income that fits within Section 8 parameters, there is a robust local demand for subsidized housing. The relatively low median home value also suggests that purchasing properties here can be more cost-effective, allowing for better margins when qualifying for the program. Overall, this ZIP code offers a stable investment landscape for those looking to enter the Section 8 rental market.

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.