Location: Charlotte-Concord-Gastonia, NC | Metro: Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,730 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $1,960 |
| 3 Bedrooms | $2,390 |
| 4 Bedrooms | $3,040 |
| 5 Bedrooms | $3,526 |
| 6 Bedrooms | $3,949 |
| 7 Bedrooms | $4,265 |
| 8 Bedrooms | $4,478 |
U.S. Census Bureau data (2024)
The ZIP code 28274 presents several challenges for landlords considering Section 8 investments. Tenant turnover can be problematic due to the disparity between the local market rent and the Fair Market Rent (FMR) set at $1650 for FY 2024. This gap may lead to frequent changes in occupancy, increasing administrative costs and potential property damage.
Vacancy exposure is another significant concern. With an unknown number of days on the market (DOM), it's difficult to predict how long properties might remain vacant. A longer DOM period can result in lost rental income and increased maintenance needs, further straining the landlord's finances.
Deferred maintenance is also a risk factor. Given the lack of specific data on the typical home value and median income in the area, it's unclear how much residents can afford to spend on maintaining their homes. This uncertainty can lead to higher maintenance costs for landlords who must ensure that their properties meet the necessary standards for Section 8 eligibility.
However, these risks are somewhat mitigated by the high renter density in the area, indicated by the unknown percentage of renters. High renter density often correlates with higher demand for housing vouchers, which can stabilize occupancy rates and provide a steady stream of tenants.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). 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.