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 | $1,840 |
| 1 Bedroom | $1,920 |
| 2 Bedrooms | $2,090 |
| 3 Bedrooms | $2,550 |
| 4 Bedrooms | $3,250 |
| 5 Bedrooms | $3,770 |
| 6 Bedrooms | $4,222 |
| 7 Bedrooms | $4,560 |
| 8 Bedrooms | $4,788 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,920 | $234,033 | 0.82% | C |
| 2BR | $2,090 | $288,861 | 0.72% | D |
| 3BR | $2,550 | $691,652 | 0.37% | F |
| 4BR | $3,250 | $1,094,431 | 0.3% | F |
| 5BR | $3,770 | $2,404,696 | 0.16% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 28211 in Charlotte, NC, for fiscal year 2024 is set at $1770. This figure represents the payment standard for Section 8 housing vouchers, meaning that voucher holders can only be charged up to this amount by landlords participating in the program. It's important to note that this is not the rent you will charge your tenants; it's the maximum subsidy payment the government will make.
In comparison, the local Zillow Observed Rental Index (ZORI) for the same area is currently at $1,937. This indicates that the average market rent is slightly higher than the FMR, giving you some flexibility to charge a little more if you wish, though any excess over $1770 must be paid directly by the tenant without government assistance.
The 45.7% renter share in ZIP 28211 suggests a strong demand for rental properties. With nearly half of all households renting, there is a significant pool of potential tenants who might benefit from Section 8 vouchers. This high percentage also implies that many residents rely on rental subsidies to afford housing, making Section 8 an attractive option for both tenants and landlords.
If you're considering purchasing a property to use as a Section 8 rental, the median home value of $906,758 should be taken into account. This represents the typical price you would pay for a single-family home in the area, which is a substantial investment. However, given the strong demand and the guaranteed income from the voucher program, it can be a stable long-term investment.
Before committing to a Section 8 rental property, verify that the property meets all local housing quality standards (HQS). These standards ensure that the property is safe and habitable, and failure to meet them can result in penalties or loss of tenancy. The inspection process is thorough, so confirming HQS compliance early can save time and avoid costly surprises later.
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.