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