Location: Rowan County, NC | Metro: Rowan County, NC 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 | $1,040 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,320 | $221,239 | 0.6% | F |
| 3BR | $1,680 | $318,126 | 0.53% | F |
| 4BR | $2,210 | $407,087 | 0.54% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 28147 (Salisbury, NC) does not favor landlords. The Fair Market Rent (FMR) set by HUD for the area in fiscal year 2024 is $1130, which is below the current market rent indicated by ZORI at $1,196. This means that landlords receiving Section 8 payments would be renting out properties for less than what the market dictates.
Acquisition of homes in this area is relatively affordable. With a median home value of $294,659, potential investors can enter the market without facing exorbitant costs. However, the lack of data on days on market (DOM) and the low percentage of homes that have been discounted (0.3%) suggest that the housing market is stable but not particularly dynamic. This could indicate limited opportunities for acquiring homes at bargain prices.
Tenant demand in ZIP 28147 is substantial. The area has a total population of 25,812, with 37.4% of residents being renters. This high proportion of renters implies a strong pool of potential tenants for rental properties. Landlords can expect steady interest in their properties from this sizable tenant base.
In summary, while the rent math currently works against landlords due to the disparity between HUD's FMR and the market rent, the area offers an affordable entry point into property ownership. The significant tenant demand provides a solid foundation for rental investments, despite the lower returns from Section 8 vouchers compared to market rates. Investors should consider these factors carefully before entering the Salisbury, NC market.
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.