Location: Rowan County, NC | Metro: Rowan County, NC HUD Metro FMR Area
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 | $1,030 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $204,847 | 0.62% | D |
| 3BR | $1,600 | $303,548 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 28088, located in Landis, North Carolina, presents a unique set of challenges and opportunities for landlords and small-portfolio investors. The median income in this area stands at $59,872, while the market rate for rent (ZORI) is $1,899 per month. This places significant strain on the average household, as they would be spending nearly 39% of their annual income on rent alone. Such a high percentage of income dedicated to housing can make it difficult for tenants to maintain stable payments and cover other living expenses.
In contrast, the Housing Choice Voucher Program, commonly known as Section 8, offers a more affordable alternative for renters. For fiscal year 2024, the Fair Market Rent (FMR) for the zip code is set at $1,150. This means that households receiving vouchers will pay only 30% of their adjusted income toward rent, with the remainder covered by the program. This makes the voucher payment significantly more manageable for low-income families, reducing the financial burden and increasing the likelihood of timely rent payments.
The population of 3,054 in ZIP 28088 includes 16.5% who are renters. Given the affordability gap between the market rate and the FMR, there is likely to be strong competition among landlords for tenants with vouchers. The disparity in rental costs means that voucher recipients have limited options when it comes to finding suitable housing, which could result in a higher demand for properties that accept vouchers.
Takeaway for Landlords:
Accepting Section 8 vouchers can be a strategic move to attract a steady stream of tenants who are less likely to default on rent due to the financial support provided by the program.
However, landlords should also consider the potential for higher-quality, cash-paying tenants who can afford the market rate of $1,899 per month, even if the pool is smaller.
The decision should weigh the benefits of guaranteed rent against the administrative requirements and potential limitations of accepting vouchers.
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.