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 |
ZIP code 28244 falls within the Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area. The Fair Market Rent (FMR) for this ZIP is set at $1650 for fiscal year 2024. However, specific market rent and home value data for 28244 are currently unavailable.
To contextualize 28244's FMR within the broader Charlotte-Concord-Gastonia metro area, we must rely on the available data points. The FMR of $1650 is a critical figure for landlords and investors considering Section 8 participation. This amount represents the maximum rent that can be charged for a unit to qualify under the Section 8 program.
Given the absence of direct comparisons for market rent and home values, it is challenging to definitively categorize 28244 as either a value pocket, mid-tier neighborhood, or premium sub-market. However, the presence of an FMR without corresponding market rent data suggests that rental prices in 28244 may be lower than average, making it potentially attractive for Section 8 tenants seeking affordable housing options.
The lack of data on the percentage of renters also limits our ability to make precise inferences about the ZIP code's characteristics. In other areas, a high renter share combined with below-average home values has often indicated a sweet spot for Section 8 properties. Since such data is not provided for 28244, we cannot draw this conclusion directly.
Investors and landlords should use the FMR as a guide when setting rents for units participating in the Section 8 program. With an FMR of $1650, properties in 28244 may offer a more affordable option compared to higher-rent areas within the Charlotte-Concord-Gastonia metro. This could make 28244 a favorable location for those interested in serving the needs of low-income families through the Section 8 program.
To gain a clearer picture of how 28244 stacks up against other ZIP codes in the Charlotte-Concord-Gastonia metro, further research into local real estate trends and rental markets would be advisable. The FMR serves as a starting point but does not fully encapsulate the rental dynamics or home values of the area.
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.