Section 8 Fair Market Rent (FMR) for ZIP 28109 - 2027
Location: Stanly County, NC | Metro: Stanly County, NC
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $980 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$31,208
The ZIP code 28109, located in Misenheimer, NC, presents several challenges for real estate investors considering the Section 8 program. Let's address some common concerns:
- Will FMR $1,160 (metro FY 2026) cover the mortgage on a home?: The Fair Market Rent (FMR) of $1,160 might not be sufficient to cover the mortgage on a typical home in this area. According to recent real estate data, the median home value in ZIP 28109 is approximately $150,000. With an average interest rate of 5%, a 30-year fixed-rate mortgage on a $150,000 home would result in monthly payments around $800-$850, excluding property taxes and insurance. However, the actual mortgage amount could vary depending on the specific property and down payment.
- Is there enough renter demand at 18.1%?: The rental demand at 18.1% occupancy suggests a relatively low demand compared to other areas. This figure indicates that only 18.1% of the homes in ZIP 28109 are rented out. Given the limited rental activity, it's crucial to evaluate the competition and vacancy rates carefully. Landlords should consider the broader economic context and potential tenant pool to ensure steady demand.
- Will vouchers keep pace with $775 market rents?: The current market rent of $775 is below the FMR of $1,160, which means that vouchers could potentially cover the rental cost. However, the long-term sustainability of voucher coverage depends on federal funding levels and local administration policies. Investors should monitor these factors closely to anticipate any changes in voucher availability and amounts.
While the data provides insight into the current market conditions, it does not fully address the future outlook of mortgage costs, rental demand, and voucher coverage. Investors should conduct thorough research and consult with local real estate professionals to make informed decisions.
Data Sources: FMR data from HUD (2027). 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.