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 Fair Market Rent (FMR) for ZIP code 28408 in fiscal year 2024 is set at $1520. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It is important to note that this is not necessarily the actual rent you will receive, but it sets an upper limit.
To put this into perspective, the local median rent for ZIP 28408 is currently N/A, which suggests that the FMR of $1520 might be competitive with market rates. However, since the local median rent is not available, we cannot make a direct comparison. The percentage of renters in the area is N/A%, indicating a significant portion of the population relies on rental housing, thus creating a stable demand for rentals.
The acquisition cost for properties in this ZIP code is also not specified, but typically, understanding the local property values is crucial. If you are considering your first Section 8 rental, you should verify that the property meets all the necessary standards for the program, including safety, habitability, and affordability requirements. This ensures that your rental will be approved and that you can receive the full payment standard of $1520 per month.
While the FMR provides a guideline for rent, it does not cover all expenses associated with maintaining a rental property. Landlords must consider additional costs such as maintenance, utilities, and property taxes when deciding if a Section 8 rental fits into their investment strategy. The $1520 FMR should be seen as part of a broader financial plan that includes these other factors.
In summary, the FMR of $1520 for ZIP 28408 is a key figure for landlords interested in Section 8 rentals. It establishes a ceiling for rent charges and helps gauge potential demand based on the significant number of renters in the area. Before finalizing your decision, ensure your property complies with all Section 8 requirements to avoid any delays in securing a tenant.
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.