Location: Charlotte-Concord-Gastonia, 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 | $1,200 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $249,244 | 0.55% | F |
| 3BR | $1,660 | $347,009 | 0.48% | F |
| 4BR | $2,110 | $420,153 | 0.5% | F |
| 5BR | $2,448 | $455,185 | 0.54% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 28112 in Monroe, North Carolina, for fiscal year 2024 is set at $1230. This figure represents the maximum amount the government will pay for a rental unit under the Section 8 program. It's important to note that this is not the total rent you can charge your tenant; it's the reimbursement limit for the housing assistance.
To put this into perspective, the Zillow Observed Rent Index (ZORI), which reflects the average market rent in the area, stands at $1984 per month. This means that if you participate in the Section 8 program, you'll receive less than the typical market rate for similar properties in the same area. However, the FMR does ensure a steady income stream, backed by the federal government, which can be advantageous for landlords and small-portfolio investors.
The demand for affordable housing in ZIP 28112 is strong, with 28.5% of the population being renters. This high percentage indicates a significant portion of the community relies on rental properties, making it likely that there will be a consistent pool of tenants interested in Section 8 housing. The average price for acquiring a property in this ZIP code is around $354,886. Given the FMR and the potential for long-term, stable tenancy, this can still represent a sound investment opportunity.
Before proceeding with a Section 8 rental, verify that your property meets all the necessary inspection requirements. The housing unit must pass a quality inspection known as the Housing Quality Standards (HQS) check, ensuring it is safe, decent, and sanitary. This is a critical step because failing this inspection can delay the process or disqualify your property from the program.
In summary, while the FMR of $1230 may seem lower compared to the average market rent of $1984, the guaranteed payments and stable occupancy make it an attractive option for those willing to invest in affordable housing. With 28.5% of the population as renters and an acquisition cost of approximately $354,886, ZIP 28112 presents a viable opportunity for first-time Section 8 landlords. Ensure your property is HQS compliant to avoid any issues and to secure your place in the program.
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.