Location: Pender County, NC | Metro: Wilmington, NC HUD Metro FMR Area
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 | $1,040 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,380 | $308,953 | 0.45% | F |
| 2BR | $1,500 | $280,181 | 0.54% | F |
| 3BR | $1,970 | $339,461 | 0.58% | F |
| 4BR | $2,090 | $441,809 | 0.47% | F |
| 5BR | $2,424 | $579,512 | 0.42% | F |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) set at $1290 for ZIP 28401 in Wilmington, NC, landlords can expect a stable rental income base. The actual market rent, known as ZORI, stands at $1,649, indicating a premium over the FMR that savvy investors can capitalize on. Given the median home value of $327,520, property appreciation in this area could provide additional financial benefits beyond rental income. The renter share at 58.9% suggests a robust demand for rental properties, making it an attractive market for small-portfolio investors. With a median income of $57,968, tenants in this ZIP code have the means to afford the higher rents, supporting the potential for steady cash flow. The days on market (DOM) average of 50 days shows that properties are typically rented quickly, reducing vacancy rates and increasing overall profitability. Additionally, the low price-cut share of 0.2% indicates that landlords rarely need to lower their asking price, maintaining strong property values. For those considering Section 8 participation, the gap between the FMR and market rent provides a clear opportunity to balance between government-subsidized rents and private market rates. However, the decision should weigh the benefits of guaranteed income against the potential for higher market rents. In conclusion, for ZIP 28401, participation in Section 8 remains a viable option for landlords seeking consistent income, but the market conditions also support a strategy focused on private rentals.
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.