Section 8 Fair Market Rent (FMR) for ZIP 28210 - 2027

Investment Score for ZIP 28210

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,710
1 Bedroom	$1,780
2 Bedrooms	$1,940
3 Bedrooms	$2,370
4 Bedrooms	$3,010
5 Bedrooms	$3,492
6 Bedrooms	$3,911
7 Bedrooms	$4,224
8 Bedrooms	$4,435

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,780	$183,088	0.97%	C
2BR	$1,940	$277,022	0.7%	D
3BR	$2,370	$518,916	0.46%	F
4BR	$3,010	$849,024	0.35%	F
5BR	$3,492	$1,360,472	0.26%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 28210 (Charlotte, NC) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 28210 in Charlotte, NC, is set by HUD for 2026 as follows: - 0BR: $1640 - 1BR: $1720 - 2BR: $1880 - 3BR: $2320 - 4BR: $2940 These figures represent the maximum rent that a Section 8 voucher holder can pay. However, the actual rental market in 28210 is significantly higher. For instance, the Zillow median price for a 2BR property is $277,935, which translates into a monthly mortgage payment well above the FMR. The price-to-FMR ratio for a 2BR unit is 12.3x, indicating that the actual market rents are much higher than the FMR. Given these dynamics, voucher holders face significant constraints. A 2BR unit at the FMR of $1880 would only cover about 15.2% of the median mortgage payment based on the Zillow median price. This suggests that voucher holders might struggle to find affordable housing options within their budget, especially since the median household income in 28210 is $100,824, and 22.4% of this income goes towards a 2BR unit at FMR. #### Affordability & Renter Profile The ZIP code 28210 has a population of 47,359, with 44.2% being renters. This indicates a substantial demand for rental properties. The occupancy rate of 93.1% suggests that the market is relatively tight, with few vacancies available. Given the high median household income and the fact that 22.4% of it is allocated towards a 2BR unit at FMR, it is likely that the typical renter in this area is middle-class, possibly employed in professional or managerial roles. The affordability gap is evident when comparing the FMR to the actual market rents. For example, a 2BR unit at FMR ($1880) is only a fraction of what the market demands. This tight market condition means that landlords have the upper hand, and they can charge rents well above the FMR, making it challenging for voucher holders to secure housing. #### Investor Angle From an investor perspective, the ZIP code 28210 presents both opportunities and challenges. The high median household income and the large percentage of renters suggest a strong demand for rental properties. However, the significant disparity between FMR and actual market rents means that relying solely on Section 8 vouchers would limit the potential for higher returns. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the cost of acquisition and ongoing expenses. Assuming a 2BR unit costs $277,935 and using a conservative estimate of 4% interest rate and 30-year fixed mortgage, the monthly mortgage payment would be approximately $1310. Adding property taxes (assuming 1% of the property value), insurance, maintenance, and other miscellaneous expenses, the total monthly cost could easily exceed the FMR of $1880. Therefore, while the ZIP code has a robust rental market, it is not inherently cash-flow positive at the FMR levels set by HUD. The investment grade for this ZIP code is moderate. While there is a strong demand for rentals, the limited utility of Section 8 vouchers due to the high market rents means that investors should diversify their tenant base beyond just voucher holders. #### Specific Actionable Insights 1. **Target Middle-Income Renters**: Given the high median household income and the tight market, targeting middle-income renters who do not rely solely on Section 8 vouchers could provide better cash flow. These tenants are likely to pay closer to market rates, which are substantially higher than the FMR. 2. **Focus on Smaller Units**: Since the FMR for smaller units (0BR and 1BR) is lower, investing in properties that can be converted into smaller units might offer a better balance between affordability and profitability. For example, a 0BR unit at $1640 is more likely to be rented by voucher holders compared to a 2BR unit at $1880. 3. **Consider Property Enhancements**: Improving the quality and amenities of rental properties can justify higher rents, even for voucher holders. Landlords might negotiate with local housing authorities to increase the allowable rent for enhanced units, thereby improving cash flow. #### Bottom Line For Section 8-focused investors, the recommendation is to **Skip** this ZIP code. The high market rents and the limited utility of vouchers make it difficult to achieve positive cash flow at the FMR levels. Instead, investors should look for areas where the FMR is closer to the actual market rents, or they should diversify their tenant base to include middle-income renters who can afford higher rents. However, for general investors looking to capitalize on the strong rental demand in 28210, the recommendation is to **Hold** or **Buy**, depending on the specific property and its potential to attract a broader range of tenants.

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.