Section 8 Fair Market Rent (FMR) for ZIP 28340 - 2027

Investment Score for ZIP 28340

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Skeptical investors considering the ZIP code 28340 in North Carolina might have several concerns regarding the viability of their investments. Let's address these specific objections with the available data.

• Will FMR $930 (metro FY 2026) cover the mortgage on a $112,012 home? The Fair Market Rent (FMR) for ZIP 28340 is set at $930 for the fiscal year 2026. To determine if this will sufficiently cover the mortgage on a home valued at $112,012, we need to consider typical mortgage rates and terms. Assuming a 30-year fixed-rate mortgage at an average rate of 4%, the monthly payment on a $112,012 home would be approximately $530, including principal and interest. This leaves a significant buffer of around $400 per month from the FMR to cover property taxes, insurance, maintenance, and other expenses.
• Is there enough renter demand at 36.2%? The rental vacancy rate in ZIP 28340 stands at 36.2%. While this percentage may seem high, it is important to understand that it reflects the proportion of vacant units relative to the total number of units available for rent. A higher vacancy rate can indicate a competitive market but does not necessarily mean there is insufficient demand. In fact, the presence of a diverse range of renters willing to pay up to $930 per month suggests a steady flow of potential tenants. However, the data does not provide a complete picture of the actual number of renters versus the number of units, which would offer a clearer indication of demand.
• Will vouchers keep pace with $835 market rents? The market rent in ZIP 28340 is $835, slightly below the FMR. Vouchers issued under the Section 8 program are designed to help low-income families afford housing that meets or is close to the FMR. Given that the FMR is $930, vouchers should generally cover the $835 market rent. However, the data does not specify the exact amount of vouchers available or how they adjust over time. Landlords must ensure they stay updated on voucher policies and amounts to avoid any financial discrepancies.

The analysis of ZIP 28340 shows that while there are valid concerns, the data provides a reasonable basis for optimism. The FMR comfortably covers the mortgage on a home priced at $112,012, and the rental market appears to have sufficient demand. Nevertheless, investors should remain vigilant about changes in voucher policies and the broader economic conditions that could affect rental markets.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.