Location: Cleveland County, NC | Metro: Cleveland County, NC
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 | $880 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $173,324 | 0.6% | D |
| 3BR | $1,440 | $257,099 | 0.56% | F |
| 4BR | $1,460 | $319,145 | 0.46% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 28152, located in Shelby, NC, within Cleveland County, reveals that the HUD Fair Market Rent (FMR) of $930 for the fiscal year 2026 falls below the current market rent of $1,244, as indicated by ZORI (Zillow Observed Rent Index). This discrepancy suggests that voucher tenants will only cashflow marginally, if at all, without considering premium units. The median home value in the area is $218,356, which allows us to calculate a rent-to-price ratio of approximately 0.57%, indicating a relatively low cost of living compared to property values.
The dynamics between renting and buying in this market are influenced by the fact that the average days on market (DOM) for properties is not applicable (N/A), and the percentage of listings that have experienced a price cut is a mere 0.3%. These figures imply that the housing market is stable, with few properties experiencing prolonged periods on the market or significant price reductions.
In conclusion, the strongest investor angle in ZIP 28152 is likely to be stability. While cashflow may be limited due to the gap between FMR and market rent, the consistent housing market and low percentage of price cuts suggest a reliable environment for long-term investment.
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.