Location: Stanly County, NC | Metro: Rowan County, NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
U.S. Census Bureau data (2024)
The ZIP code 28137, located in Richfield, North Carolina, stands out within Stanly County due to its unique demographic and economic characteristics. With a population of 2,664 residents, only 18.0% of whom rent their homes, it has a relatively low rental rate compared to other areas. The median income in this ZIP is $67,163, which places it above the national average, indicating a higher standard of living. Additionally, the median home value is $320,123, reflecting a stable housing market.
Turning to the voucher economics, the Fair Market Rent (FMR) for ZIP 28137 for fiscal year 2024 is set at $1,190. This figure is slightly higher than the market rent, estimated at $1,176 according to the Census Bureau's American Community Survey (ACS). This suggests that landlords participating in the Section 8 program can expect to receive a rent subsidy that is marginally above the current market rates, providing a modest financial advantage.
The data signature for ZIP 28137 reads as stable. The high median home value combined with a decent median income indicates a financially secure community. Furthermore, the low rental rate implies that many residents own their homes, which contributes to long-term stability. The slight premium in FMR over market rent ensures that landlords are incentivized to participate in the Section 8 program without facing significant financial disadvantages.
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.