Location: Harnett County, NC | Metro: Harnett County, NC
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,400 | $285,176 | 0.49% | F |
| 4BR | $1,690 | $323,376 | 0.52% | F |
U.S. Census Bureau data (2024)
In ZIP code 28323, the economics of Section 8 housing are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment is set at $1,000 per month for fiscal year 2024. This SAFMR reflects the rental rate specifically tailored for this ZIP code, ensuring it aligns closely with the local housing market conditions.
The local market rent for a two-bedroom unit, according to the latest Census ACS data, averages at $1,115 per month. Landlords often wonder how much they can expect from a voucher when factoring in the tenant's contribution and utility allowances. Here’s the breakdown:
The tenant is responsible for paying approximately 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,500, the tenant would pay around $450 per month. Utility allowances vary but typically cover a portion of the tenant's monthly expenses. For simplicity, let's say the utility allowance adds up to $100 per month.
This means that the total reimbursement a landlord can expect from a Section 8 voucher for a two-bedroom apartment would be the SAFMR plus the utility allowance. In this case, that totals $1,100 per month. However, since the local market rent is slightly higher at $1,115, landlords would face a small reimbursement gap.
To calculate the reimbursement gap, subtract the total voucher payment ($1,100) from the local market rent ($1,115). This leaves a $15 per month shortfall. While this gap might seem insignificant, it can add up over time and should be considered when evaluating the financial implications of accepting Section 8 tenants.
Note that the SAFMR is designed to cover the majority of the rent in this specific ZIP code, aiming to ensure affordability while also reflecting the actual cost of renting in the area. Therefore, the reimbursement gap or surplus will vary based on individual circumstances such as the tenant's income and any additional subsidies available.
For landlords in ZIP 28323, the decision to participate in the Section 8 program should be made with a clear understanding of these economic factors. Despite the small reimbursement gap, the stability and support offered by the program can make it a worthwhile option for property owners looking to maintain occupancy rates and manage their rental properties effectively.
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.