Section 8 Fair Market Rent (FMR) for ZIP 28304 - 2027

Location: Hoke County, NC | Metro: Fayetteville, NC HUD Metro FMR Area

Investment Score for ZIP 28304

Monthly Rent (2BR)

$1,710

Median Price (2BR)

$147,986

1% Rule

1.16%

Annual Yield

13.87%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,510
1 Bedroom	$1,540
2 Bedrooms	$1,710
3 Bedrooms	$2,250
4 Bedrooms	$2,760
5 Bedrooms	$3,202
6 Bedrooms	$3,586
7 Bedrooms	$3,873
8 Bedrooms	$4,067

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,710	$147,986	1.16%	B
3BR	$2,250	$191,296	1.18%	B
4BR	$2,760	$292,316	0.94%	C
5BR	$3,202	$394,203	0.81%	C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

37,140

Median Household Income

$58,563

Housing Units

16,746

Renter Percentage

44.6%

Occupancy Rate

90.7%

Renter Occupied

6,767

The ZIP code 28304, located in Fayetteville, NC, is a burgeoning residential area that offers both opportunities and challenges for real estate investors. The region's growth is driven by its proximity to military installations and the local economy, making it a significant player in the rental market.

Fair Market Rent (FMR): For fiscal year 2024, the FMR for a two-bedroom apartment in ZIP 28304 is set at $1,440, indicating the government's benchmark for affordable housing.
Zillow Observed Rental Index (ZORI): The market rent for a similar property is slightly lower at $1,396, reflecting the actual rents being charged in the area.
Median Home Value: The median home value in the area stands at $199,256, which is a key indicator of the overall property values and can influence investment decisions.
Renter Share: With 44.6% of residents being renters, there is a substantial demand for rental properties, making it a favorable environment for landlords.
Days on Market (DOM): Properties typically spend only 21 days on the market before receiving an offer, suggesting a brisk pace of sales and high demand.
Median Income: The median household income in ZIP 28304 is $58,563, providing insight into the economic capacity of potential tenants and buyers.

The data points highlight a robust rental market in ZIP 28304, with a significant portion of residents renting rather than owning homes. Despite the FMR being higher than the actual ZORI, the median home value suggests good equity appreciation potential for homeowners. The quick turnaround time for property sales indicates strong buyer interest, while the median income provides assurance that tenants will likely have the means to pay market rents. Overall, the area presents a solid investment opportunity for those looking to enter the rental market or hold long-term property assets.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.