Location: Wilmington, NC | Metro: Wilmington, NC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,190 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,250 |
| 4 Bedrooms | $2,250 |
| 5 Bedrooms | $2,610 |
| 6 Bedrooms | $2,923 |
| 7 Bedrooms | $3,157 |
| 8 Bedrooms | $3,315 |
The ZIP code 28406 in Wilmington County, NC, presents unique characteristics that distinguish it from other areas. Due to the lack of specific data points such as the number of residents, percentage of renters, median income, and median home value, the economic profile of this area remains somewhat opaque. However, the focus shifts to the Federal Market Rent (FMR) which is set at $1520 for the fiscal year 2024. This figure is crucial for understanding the rental economics within the context of Section 8 housing.
Section 8 vouchers are designed to subsidize rent for low-income families, making housing affordable. The FMR of $1520 represents the maximum amount that landlords can charge tenants who receive vouchers, ensuring that rents remain within reasonable limits. Despite the absence of current market rent data for ZIP 28406, the FMR serves as a benchmark for assessing rental affordability and the potential impact on landlords and small-portfolio investors.
Given the limited data available, it's challenging to provide a comprehensive analysis of the ZIP code's stability or transitional nature. However, the presence of the FMR indicates a structured approach to managing rental costs, which is typically indicative of a stable environment where government intervention helps maintain consistent housing standards and affordability. For landlords, this means predictable rental income levels that align with the subsidy caps, reducing the risk of significant fluctuations in tenant payments.
In conclusion, while detailed metrics such as resident count and median incomes are not provided, the FMR of $1520 offers insight into the rental dynamics of ZIP 28406. This ZIP code appears to have a stable rental market supported by Section 8 programs, offering landlords a reliable framework for setting rents and attracting tenants who benefit from federal subsidies.
Data Sources: FMR data from HUD (2027).
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.