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 | $1,260 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,440 | $266,446 | 0.54% | F |
| 3BR | $1,760 | $403,886 | 0.44% | F |
| 4BR | $2,230 | $505,356 | 0.44% | F |
| 5BR | $2,587 | $602,412 | 0.43% | F |
U.S. Census Bureau data (2024)
The analysis for landlords and small-portfolio investors in ZIP code 28107, located in Midland, NC, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 28107 for fiscal year 2024 is set at $1180, while the Census American Community Survey (ACS) indicates that the average market rent stands at $1313. This discrepancy amounts to a difference of $133, which represents a 11.27% gap between the two figures.
Given that the FMR is lower than the market rent, it's important to understand the implications for landlords accepting housing vouchers. Voucher tenants typically pay only a portion of their income towards rent, with the rest subsidized by the government. In Midland, NC, where the median income is $105,122, the cost of renting to voucher tenants at the FMR rate could result in a loss of income compared to renting at market rates. For instance, if a landlord charges $1180 under the FMR, they are leaving $133 per unit on the table, which is a substantial amount when considering the overall portfolio.
The median home value in Midland, NC, is $428,630, indicating a relatively stable housing market. However, only 14.2% of residents are renters, suggesting that the rental market might be less competitive but also potentially smaller. Landlords must weigh the benefits of guaranteed rent payments from voucher programs against the lower rental income. While the stability of rental payments can be appealing, the long-term financial impact of renting below market rates should be carefully considered.
To summarize, the gap between the FMR and market rent in ZIP 28107 presents a challenge for landlords who might consider accepting housing vouchers. The $133 difference, or 11.27%, means that landlords will receive less income per unit compared to what the market demands. This situation requires a strategic approach to ensure that the decision to participate in the Section 8 program aligns with broader investment goals and financial planning.
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.