Section 8 Fair Market Rent (FMR) for ZIP 28390 - 2027

Location: Harnett County, NC | Metro: Fayetteville, NC HUD Metro FMR Area

Investment Score for ZIP 28390

Monthly Rent (2BR)

$1,320

Median Price (2BR)

$160,754

1% Rule

0.82%

Annual Yield

9.85%

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	$1,140
1 Bedroom	$1,150
2 Bedrooms	$1,320
3 Bedrooms	$1,780
4 Bedrooms	$2,170
5 Bedrooms	$2,517
6 Bedrooms	$2,819
7 Bedrooms	$3,045
8 Bedrooms	$3,197

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
2BR	$1,320	$160,754	0.82%	C
3BR	$1,780	$204,167	0.87%	C
4BR	$2,170	$344,913	0.63%	D
5BR	$2,517	$389,120	0.65%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

24,000

Median Household Income

$62,972

Housing Units

10,228

Renter Percentage

50.7%

Occupancy Rate

85.5%

Renter Occupied

4,437

ZIP code 28390, located in Spring Lake, NC, is situated within the Harnett County, NC metro area. Its Fair Market Rent (FMR) for FY 2024 stands at $1210, which is notably lower than the market rent of $1,417. This indicates that while the government-subsidized rental rate is less than what the market demands, there is still a significant gap between the two, suggesting potential for landlords who can offer properties at or slightly above the FMR.

The median home value in ZIP 28390 is $247,998, which is likely below the average home value for typical ZIP codes in Harnett County. Given that 50.7% of residents are renters, this ZIP code shows a higher-than-average percentage of renters compared to owner-occupied homes. This combination of a below-average home value and a high renter share is characteristic of a value pocket within the metro area. Landlords and small-portfolio investors can leverage this situation by targeting properties that cater to renters, especially those participating in the Section 8 program.

To determine if ZIP 28390 is a value pocket, mid-tier neighborhood, or premium sub-market, consider the following:

Value Pocket: The lower FMR and median home value suggest that Spring Lake, NC, offers a cost-effective option for both landlords and tenants. The disparity between FMR and market rent also points towards this being an attractive area for those seeking affordable housing options.
Mid-Tier Neighborhood: While the FMR is lower, the market rent is relatively close to what might be expected in a mid-tier neighborhood. However, the median home value is likely lower than other mid-tier neighborhoods, making it lean more towards a value pocket.
Premium Sub-Market: ZIP 28390 does not exhibit characteristics of a premium sub-market. Premium markets typically have higher home values and rents, with a smaller percentage of renters.

The high renter share combined with below-average home values suggests that Spring Lake, NC, could indeed be a sweet spot for Section 8 participation. This makes it particularly appealing for landlords looking to benefit from stable, government-backed rental income without having to invest in higher-value properties.

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.