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 ZIP code 28230 in North Carolina presents unique challenges and opportunities for landlords and small-portfolio investors. Due to the lack of specific data on median income and market rent rates, it's essential to focus on the available information regarding housing vouchers.
Affordability in this area hinges significantly on the Fair Market Rent (FMR) standard set at $1650 for fiscal year 2024. This figure represents the maximum amount that HUD will pay for rental housing in the area, based on voucher holders' contributions which typically cover 30% of their adjusted income.
With the exact percentage of renters and total population unspecified, we can infer that there might be a notable affordability gap between what households can pay and the market rate. The FMR benchmark of $1650 suggests that landlords who price above this level may face reduced demand from voucher holders and potentially lower occupancy rates if many residents rely on such assistance.
The competition among landlords could be influenced by the number of voucher holders in the area. If a significant portion of the renting population uses vouchers, landlords who accept them might have an advantage in securing tenants. However, those who prefer cash-paying tenants might find fewer options available, especially if these individuals are also constrained by the same economic factors affecting voucher holders.
Takeaway: Landlords in ZIP 28230 should consider the benefits and drawbacks of accepting housing vouchers. While it guarantees a steady income tied to the FMR of $1650, it may limit the pool of potential tenants to those receiving assistance. On the other hand, focusing on cash-paying tenants could lead to higher rents but also greater vacancy risks if the local economy does not support higher rental prices.
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.