Section 8 Fair Market Rent (FMR) for ZIP 28345 - 2027

Location: Scotland County, NC | Metro: Richmond County, NC

Investment Score for ZIP 28345

N/A

Monthly Rent (2BR)

$1,010

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$760
1 Bedroom	$790
2 Bedrooms	$1,010
3 Bedrooms	$1,350
4 Bedrooms	$1,530
5 Bedrooms	$1,775
6 Bedrooms	$1,988
7 Bedrooms	$2,147
8 Bedrooms	$2,254

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
3BR	$1,350	$180,890	0.75%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

12,372

Median Household Income

$40,957

Housing Units

5,590

Renter Percentage

38.4%

Occupancy Rate

83.9%

Renter Occupied

1,800

A landlord considering purchasing a property in ZIP code 28345 for Section 8 investment must follow a structured decision-making process. The first step involves evaluating whether the Fair Market Rent (FMR) of $930 for the metro area in fiscal year 2026 can cover the debt service on a property valued at $123,474. This is crucial because the ability to clear debt service directly impacts the feasibility of the investment.

If the answer to the first question is yes, the next consideration is how the market rent compares to the FMR. In ZIP 28345, the average market rent is $679 according to Census ACS data. Since the market rent is below the FMR, landlords who participate in the Section 8 program would be able to receive a higher rental income, which is beneficial for covering operational costs and generating profit.

The third factor to consider is the demand for rental properties. In ZIP 28345, 38.4% of the population are renters. However, the Days on Market (DOM) information is not available, which makes it difficult to assess the speed at which rental units are filled. Despite this missing data point, the percentage of renters indicates a significant portion of the population relies on rental housing, suggesting there could be sufficient demand.

Decision Tree:

Does FMR clear debt service?
- Yes: Proceed to evaluate market conditions.
- No: The investment is not viable without additional sources of income to cover the shortfall.
Is market rent above, at, or below FMR?
- Above: Not ideal for Section 8 properties since the subsidy might not cover the higher market rates.
- At: Marginal; landlords should closely monitor any potential changes in rent control policies.
- Below: Favorable; Section 8 subsidies will provide higher income compared to market rent.
Are there enough renters and is DOM reasonable?
- Yes: There is likely sufficient demand for rental properties in this area.
- No: Insufficient demand could lead to prolonged vacancy periods, affecting profitability.
- It depends: With the percentage of renters being high but the lack of DOM data, landlords must rely on other local market indicators to gauge demand accurately.

In conclusion, if the FMR of $930 can clear the debt service on a $123,474 property and the market rent remains below the FMR, then the investment in ZIP 28345 is viable. The high percentage of renters suggests a strong demand, but landlords should be cautious due to the unavailability of DOM data.

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.