Location: Stanly County, NC | Metro: Charlotte-Concord-Gastonia, NC-SC 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 | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,020 | $278,634 | 0.37% | F |
| 3BR | $1,380 | $368,594 | 0.37% | F |
| 4BR | $1,470 | $429,917 | 0.34% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 28097, North Carolina, stands at $76,594. This figure is crucial when evaluating the affordability of housing in the area. The market rate for rent, according to the Census ACS, is $876 per month. Given the median income, it's evident that most households can comfortably cover the market rent without financial strain. However, the Federal Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1120, which represents a significant increase over the current market rate.
This disparity between the market rate and the FMR suggests an affordability gap for potential voucher recipients. Households relying on vouchers might find themselves in a position where their allocated funds exceed the typical rental costs, thus creating an opportunity for landlords who accept vouchers. However, this also implies increased competition among landlords for tenants who can pay the higher FMR rates.
With only 13.8% of the 8,303 population being renters, the competition for rental properties is relatively low compared to areas with a higher percentage of renters. This means landlords have a smaller pool of potential tenants, but those who qualify for vouchers could provide a steady stream of income due to the higher FMR payments.
For landlords considering whether to accept vouchers or focus on cash-paying tenants, the key takeaway is that while the majority of residents can afford the current market rate, the guaranteed income from voucher programs at the higher FMR rate could be more stable. Accepting vouchers might attract a different segment of the market, one that is less sensitive to price fluctuations and more focused on securing reliable housing. However, it's important to weigh the administrative complexity and potential delays in voucher payments against the benefits of attracting tenants who can pay up to $1120 per month, which is notably higher than the current market rate of $876.
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.