Section 8 Fair Market Rent (FMR) for ZIP 28104 - 2027

Location: Charlotte-Concord-Gastonia, NC | Metro: Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area

Investment Score for ZIP 28104

Monthly Rent (2BR)

$2,150

Median Price (2BR)

$341,869

1% Rule

0.63%

Annual Yield

7.55%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,900
1 Bedroom	$1,980
2 Bedrooms	$2,150
3 Bedrooms	$2,620
4 Bedrooms	$3,340
5 Bedrooms	$3,874
6 Bedrooms	$4,339
7 Bedrooms	$4,686
8 Bedrooms	$4,920

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,150	$341,869	0.63%	D
3BR	$2,620	$403,532	0.65%	D
4BR	$3,340	$729,755	0.46%	F
5BR	$3,874	$1,052,862	0.37%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

36,641

Median Household Income

$138,017

Housing Units

13,427

Renter Percentage

9.4%

Occupancy Rate

96.0%

Renter Occupied

1,213

Matthews, North Carolina, located in ZIP code 28104, is a rapidly growing suburban area that benefits from its proximity to Charlotte, making it an attractive location for both residents and investors. The area's economic stability and increasing population offer a promising outlook for rental properties.

The Fair Market Rent (FMR) for ZIP 28104 in fiscal year 2024 is set at $1920, which represents the minimum threshold for affordable housing units.
The Zillow Observed Rental Index (ZORI) indicates a market rent of $2,341, suggesting that the average rental price in Matthews exceeds the FMR, indicating strong demand for rental properties.
The median home value in Matthews is $594,912, reflecting the overall property values in the area and providing a benchmark for investment opportunities.
Renters make up 9.4% of the housing market in Matthews, showing a smaller but significant segment of the population that relies on rentals, which can be a key indicator of potential rental income.
The median income in the area is $138,017, which is higher than the national average, implying that tenants have the financial capability to meet higher rental costs.

Investors looking to enter the Matthews rental market should anticipate competitive pricing and a robust tenant pool willing to pay above the FMR. The combination of a growing population, high median income, and established property values makes ZIP 28104 a favorable location for those interested in generating steady rental income. However, the relatively low renter share suggests that the competition for rental properties may be fierce, requiring careful selection of properties to ensure they meet the needs of prospective tenants.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.