Location: Rowan 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 | $990 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,250 | $235,735 | 0.53% | F |
| 3BR | $1,580 | $324,319 | 0.49% | F |
| 4BR | $2,070 | $445,512 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 28138, located in Rockwell, NC, is characterized by a significant portion of renters, making up 28.7% of the population. This indicates a moderate demand for rental properties, suggesting that while it is not dominated by homeowners, there is still a notable segment of the community seeking housing through rental agreements.
With a median household income of $66,896, the typical market rent of $966 represents approximately 1.4% of the monthly income for residents. This calculation is derived from dividing the annual median income by 12 to find the monthly income, then comparing the rent cost to this figure. The Fair Market Rent (FMR) for the area, set at $1170 for FY 2024, is higher than the current market rent, indicating that the rental market in Rockwell, NC, is below the federally determined threshold for affordability.
To further understand the dynamics of the rental market in this ZIP code, it's important to note that the $966 market rent is about 14.5% of the median household income. This percentage is calculated by taking the market rent and dividing it by the monthly median income, which is roughly $5,574. Therefore, typical rent consumes a substantial but manageable portion of the average resident's income.
The difference between the actual market rent ($966) and the FMR ($1170) suggests that landlords in ZIP 28138 can attract tenants using Section 8 vouchers without significantly undercutting their profitability. Landlords should be aware that the voucher amount may cover a larger portion of the rent compared to the local median income, potentially easing the financial burden on tenants.
In terms of tenant profiles, landlords in Rockwell, NC, should expect a mix of families and individuals who rely on government assistance for housing. These tenants will likely have incomes that qualify them for Section 8 vouchers, which are designed to help those earning less than 50% of the area median income. Given the FMR and the actual market rent, these tenants would generally be able to afford living in the area with their vouchers.
However, landlords must also consider the administrative aspects of accepting Section 8 vouchers, including the need to comply with federal regulations and the potential for longer application processes. Despite these considerations, the combination of a moderate renter population and a lower-than-FMR market rent makes ZIP 28138 a viable location for landlords interested in participating in the Section 8 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.