Location: Cleveland County, NC | Metro: Cleveland County, NC
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,440 | $239,285 | 0.6% | D |
U.S. Census Bureau data (2024)
The ZIP code 28073 presents a dynamic rental market that is currently in equilibrium but shows signs of potential growth. The Fair Market Rent (FMR) stands at $940 for the fiscal year 2026, which aligns closely with the market rent of $952 as reported by the Census American Community Survey (ACS). This close alignment suggests that the rental market is stable and reflective of broader economic conditions.
The median home value in ZIP 28073 is $175,514, indicating a relatively affordable area for homeownership. However, with a 24.1% renter share, it's clear that a significant portion of the population prefers renting over buying. This high renter share implies ongoing housing pressure, as a substantial number of residents are likely to remain in the rental market even as the economy fluctuates.
The lack of specific data on price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. However, the fact that the FMR and market rent are nearly identical suggests a balanced market where neither landlords nor tenants have a significant advantage. If there were an excess of supply, we might expect to see lower market rents relative to FMR, or if demand were significantly higher, market rents would likely exceed the FMR.
In summary, ZIP 28073 is a market characterized by stability and affordability, with a notable preference among residents for renting. Landlords and small-portfolio investors can expect consistent returns without the volatility seen in markets with extreme supply or demand imbalances. The high renter share points to a demographic that is likely to continue seeking rental properties, ensuring steady demand in the future.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.