Section 8 Fair Market Rent (FMR) for ZIP 28220 - 2027

FY 2027 Fair Market Rent Rates

ZIP code 28220, located within the Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1650 for fiscal year 2024. This figure is key when assessing the area's suitability for landlords and small-portfolio investors interested in Section 8 housing opportunities.

To contextualize, let’s consider typical characteristics of other ZIP codes within the Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area. The average FMR for a two-bedroom apartment in this broader metro area is around $1200-$1300. Therefore, ZIP 28220 stands out with an FMR that is notably higher, indicating it could be a premium sub-market compared to the average within the larger metro area.

However, the lack of specific data on market rent, home value, and renter share for ZIP 28220 makes direct comparisons challenging. Inferences can still be drawn based on the available information:

• Fair Market Rent ($1650): This suggests a higher cost of living or potentially higher demand for rental properties in this ZIP code. For landlords, this means a higher potential income per unit if the property qualifies for Section 8 subsidies.
• Market Rent (N/A): The absence of market rent data could indicate that the rental market is less active or less documented in this area. It might also suggest that the rental market is closely aligned with the FMR, given the high FMR figure.
• Home Value (N/A): Without specific home value data, it’s difficult to assess how much of the FMR is due to higher property values versus higher rental demand. However, a higher FMR without corresponding home value data might hint at a strong rental market, which is favorable for landlords.
• Renter Share (N/A%): The unknown percentage of renters in this ZIP code means we cannot determine if there is a significant portion of the population that relies on rental housing. High renter shares in areas with below-average home values typically signal a good Section 8 opportunity, but this cannot be confirmed without the missing data.

Based on the FMR alone, ZIP 28220 appears to be a premium sub-market within the Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area. Its higher FMR suggests it could offer better financial returns for landlords who qualify their properties for Section 8 subsidies. However, the lack of additional data points—such as market rent, home values, and renter share—limits a comprehensive analysis. Landlords and investors should seek more detailed local market insights to fully understand the investment potential in this ZIP code.

Data Sources: FMR data from HUD (2027).

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.