Location: Charlotte-Concord-Gastonia, 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 | $2,100 |
| 1 Bedroom | $2,190 |
| 2 Bedrooms | $2,380 |
| 3 Bedrooms | $2,910 |
| 4 Bedrooms | $3,700 |
| 5 Bedrooms | $4,292 |
| 6 Bedrooms | $4,807 |
| 7 Bedrooms | $5,192 |
| 8 Bedrooms | $5,452 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,190 | $290,912 | 0.75% | D |
| 2BR | $2,380 | $385,275 | 0.62% | D |
| 3BR | $2,910 | $683,279 | 0.43% | F |
| 4BR | $3,700 | $1,155,680 | 0.32% | F |
U.S. Census Bureau data (2024)
The ZIP code 28204 in Charlotte, NC, is predominantly a renter-heavy area, with 71.6% of residents being renters. This high percentage indicates a strong potential for demand among tenants using Section 8 vouchers. The median household income in this ZIP is $92,054, which contrasts sharply with the market rent of $1,640 per month.
To understand the financial dynamics at play, consider that the average rent eats up approximately 18.3% of the median household income. This calculation is derived from dividing the market rent ($1,640) by the annual median income ($92,054), then multiplying by 12 to get the monthly figure. In comparison, the Fair Market Rent (FMR) for the area is set at $2,160 for FY 2024, indicating that the actual market rent is below the FMR threshold, which could be beneficial for landlords accepting vouchers.
The discrepancy between the median income and the market rent suggests that many residents are likely to find the cost of renting manageable without needing extensive assistance. However, given the high percentage of renters, there is a significant portion of the population who may rely on housing vouchers to cover their living expenses. Landlords in this area can expect to attract tenants who are financially stable enough to contribute a substantial portion of their income towards rent, but also those who may require some form of rental assistance due to the high cost of living in Charlotte.
In summary, ZIP 28204 presents a robust opportunity for landlords looking to cater to a diverse tenant base, including those who utilize Section 8 vouchers. The expected tenant profile includes individuals and families who are capable of contributing a reasonable amount toward rent while benefiting from government assistance programs. This mix ensures a steady stream of potential tenants, making it a favorable location for investment in rental properties.
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.