Location: Charlotte-Concord-Gastonia, NC | Metro: Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,670 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,310 |
| 4 Bedrooms | $2,940 |
| 5 Bedrooms | $3,410 |
| 6 Bedrooms | $3,819 |
| 7 Bedrooms | $4,125 |
| 8 Bedrooms | $4,331 |
The analysis of ZIP code 28222 within the Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area reveals several key points that landlords and small-portfolio investors should consider.
First, regarding the rent math, the Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1650. This figure represents the maximum amount that a household earning up to 50% of the Area Median Income (AMI) can afford to pay for rent. However, without specific data on market rents, it's challenging to provide a direct comparison. The FMR serves as a benchmark but does not necessarily reflect the actual market conditions.
Second, the acquisition cost in ZIP 28222 is unclear due to the lack of specific data on median home values, days on market (DOM), and the percentage of homes that have had their prices cut. These metrics would typically indicate whether properties are overpriced, underpriced, or selling at fair market value. Without these figures, it's impossible to determine if acquiring properties in this area is affordable.
Third, tenant demand is another critical factor. The population size and the percentage of renters in ZIP 28222 are not specified, which means we cannot quantify the potential pool of tenants. A higher renter share usually indicates stronger demand for rental properties, making it easier to find and retain tenants.
Verdict: The analysis of ZIP 28222 is limited by the absence of crucial data points such as market rents, median home values, days on market, price-cut shares, and population demographics. To make informed decisions, landlords and small-portfolio investors need comprehensive and up-to-date information. The Fair Market Rent of $1650 provides a baseline but does not alone justify investment decisions without context about local market conditions and tenant demand. Further investigation into these areas is essential before proceeding with any real estate strategy in this region.
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.