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 | $1,180 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $242,996 | 0.56% | F |
| 3BR | $1,670 | $380,532 | 0.44% | F |
| 4BR | $2,090 | $522,478 | 0.4% | F |
U.S. Census Bureau data (2024)
In ZIP code 28124, which covers Mount Pleasant, NC, in Cabarrus County, the economics of Section 8 housing can be quite favorable for landlords, but it's important to understand how the payments work. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for FY 2024 is set at $1170. This SAFMR figure is crucial because it determines the maximum amount that a landlord will receive from the government under the Section 8 program.
The local market rent for a two-bedroom unit, according to the Census ACS data, is slightly higher at $1,194. This means that the SAFMR is very close to the actual market rent, leaving little room for landlords to charge significantly more than the voucher covers.
When a landlord signs up for a Section 8 voucher, the payment structure involves both the government and the tenant contributing to the rent. The government pays the difference between the SAFMR and the tenant's portion of the rent, which is typically 30% of their adjusted income. In addition to the base rent, there are utility allowances that can vary based on the type of unit and its location. For a two-bedroom unit in ZIP 28124, these allowances might cover additional expenses such as electricity, gas, and water.
To illustrate, let's assume a tenant has an adjusted income that would require them to pay 30%, or $357, of the SAFMR toward rent. The government would then pay the remaining balance of $813. If there is an additional utility allowance of $200, the total reimbursement to the landlord could be $1,013 per month. This leaves a small gap of $181 below the local market rent of $1,194.
Note that the SAFMR is specific to this ZIP code, meaning that it reflects the rental conditions and costs unique to Mount Pleasant, NC, rather than being averaged across a larger area. This specificity helps ensure that the rates are more accurately aligned with the local market conditions.
In summary, landlords in ZIP 28124 can expect a monthly reimbursement of around $1,013 for a two-bedroom unit when factoring in the tenant's portion and utility allowances. Given the local market rent of $1,194, this leaves a typical reimbursement gap of $181. However, many landlords find the stability and security of having a government-backed rental agreement to outweigh the slight difference in potential revenue compared to market-rate rentals.
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.