Location: Lincoln 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 | $1,190 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,350 | $204,032 | 0.66% | D |
| 3BR | $1,720 | $350,066 | 0.49% | F |
| 4BR | $2,150 | $529,335 | 0.41% | F |
| 5BR | $2,494 | $647,942 | 0.38% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 28164, which includes Stanley, NC, in Gaston County, are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for fiscal year 2024 is set at $1150. This figure represents the maximum amount that a Section 8 housing voucher can cover in this specific ZIP code. In comparison, the local market rent for a two-bedroom unit, based on Census ACS data, averages around $1,126.
A landlord participating in the Section 8 program should understand how the reimbursement works. The total rent charged to a tenant is split into two parts: the tenant's portion and the government subsidy. The tenant is required to pay 30% of their adjusted income towards rent. If the tenant's portion plus any utility allowances does not reach the SAFMR, the federal government will make up the difference to ensure the landlord receives the full SAFMR.
To illustrate, if a tenant has an adjusted income of $1,500 per month, they would be expected to contribute 30%, or $450, towards rent. Assuming the utility allowance is $200, the total contribution from the tenant and the utility allowance would be $650. Since the SAFMR is $1150, the government would then subsidize the remaining $500 to ensure the landlord receives the full SAFMR.
Note that the SAFMR of $1150 is specifically tailored to this ZIP code, reflecting the unique rental market conditions in Stanley, NC. This targeted approach helps ensure that the subsidy matches the actual costs of renting in the area.
In ZIP 28164, given the SAFMR of $1150 and the average market rent of $1,126, landlords might initially think they would have a surplus. However, the actual reimbursement to landlords depends on the tenant's income and the utility allowances. If the tenant's portion plus utility allowances is less than the SAFMR, there is no surplus; the landlord simply receives the SAFMR. If it happens to exceed the SAFMR, which is unlikely given the numbers, the landlord would receive the full market rent.
In practice, landlords in ZIP 28164 can expect a reimbursement that closely aligns with the SAFMR of $1150. There is no significant surplus or gap when comparing the SAFMR to the local market rent, as both figures are nearly identical. Landlords should focus on the stability and security of having a guaranteed rent payment through the Section 8 program, rather than expecting a financial windfall.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.