Location: Cleveland County, NC | Metro: Cleveland County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 landlord in ZIP code 28136 are significant and should be carefully considered before investing. First, there is a notable disparity between the market rent and the Fair Market Rent (FMR) of $950, which can lead to higher tenant turnover. Landlords may struggle to attract tenants willing to pay the market rate when they can find subsidized housing through Section 8 vouchers. This mismatch also exposes landlords to prolonged vacancy periods, especially considering the average days on market (DOM) data is currently unavailable, making it difficult to predict how quickly properties will be rented.
Deferred maintenance is another critical issue. With a typical home value of $123,055 and a median income of $83,304, many residents may not have the financial capacity to maintain their homes adequately. This can result in increased repair costs and potential safety hazards for landlords who are not prepared to handle such issues.
However, these risks must be weighed against the substantial number of renters in the area, with 51.9% of the population being renters. High renter density often translates into greater demand for Section 8 vouchers, providing a steady stream of potential tenants. The robust rental market can help mitigate some of the financial risks associated with deferred maintenance and vacancy rates.
In conclusion, the overall risk for a first-time Section 8 landlord in ZIP 28136 is moderate. While there are significant challenges related to tenant turnover and maintenance costs, the high concentration of renters provides a solid foundation for stable occupancy rates and long-term investment viability.
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.