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 |
|---|---|---|---|---|
| 2BR | $1,010 | $144,547 | 0.7% | D |
| 3BR | $1,400 | $212,487 | 0.66% | D |
| 4BR | $1,690 | $281,290 | 0.6% | D |
U.S. Census Bureau data (2024)
Erwin, NC, with a ZIP code of 28339, is a modest-sized community with a total population of 6,894 residents. Approximately 26.0% of these residents are renters, indicating a significant but not overwhelming presence of rental housing. The median household income in Erwin stands at $50,313, which suggests a middle-class demographic. Additionally, the median home value in the area is $200,511, reflecting a relatively affordable housing market.
The economic landscape for landlords and small-portfolio investors in Erwin is shaped by the Federal Market Rent (FMR) and the actual market rent. For the fiscal year 2024, the FMR for ZIP code 28339 is set at $1,040. In contrast, the Census American Community Survey (ACS) indicates that the average market rent in the area is $1,072. This means that landlords participating in the Section 8 program can expect their rents to be slightly below the market rate, but still reasonably close to it.
Given the demographic and economic factors at play, Erwin, NC is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the relatively low discrepancy between FMR and market rent makes it easier to manage properties without needing to constantly adjust pricing. Meanwhile, value-add buyers can leverage the middle-class income levels and affordable home values to improve property quality and potentially increase rental income above the FMR threshold.
Investors should consider the following points when deciding whether to operate in Erwin, NC:
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.