Location: Richmond County, NC | Metro: Pinehurst-Southern Pines, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 28347 in the upcoming fiscal year 2026 is set at $1,030. This figure represents the payment standard for Section 8 housing vouchers in the area, which means it's the maximum amount the government will pay toward a tenant's rent. However, this does not dictate what you can charge as rent; it merely sets an upper limit for the subsidy portion.
In comparison, the average rent for the same ZIP code based on Census American Community Survey (ACS) data stands at $761. This indicates that the market rent is lower than the FMR, giving you some flexibility in pricing your rental property while still qualifying for the Section 8 program.
The 20.2% renter share in ZIP 28347 suggests a moderate demand for rental properties. While not a high percentage, it does indicate a steady number of potential tenants who might be interested in renting through the Section 8 program. Given the lack of specific data on acquisition costs (marked as N/A), it's crucial to understand that buying a property in this area should align with your investment goals and financial capacity. You won't have precise numbers to guide you here, so consider consulting local real estate agents or using online tools to get a better sense of property values.
To ensure your investment is sound, verify that your property meets all local housing quality standards, known as Housing Quality Standards (HQS), before proceeding. These standards are set by the Department of Housing and Urban Development (HUD) and must be met for the property to qualify for Section 8 tenancy. This step is critical and ensures that you won't face unexpected costs or delays due to non-compliance issues.
By focusing on these key points, you can make a well-informed decision about whether Section 8 rental in ZIP 28347 is right for your portfolio. Remember, the $1,030 FMR is the government's contribution, and you should aim to balance this with the actual market conditions and your desired return on investment.
Data Sources: FMR data from HUD (2027). 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.