Section 8 Fair Market Rent (FMR) for ZIP 28409 - 2027

Location: Wilmington, NC | Metro: Wilmington, NC HUD Metro FMR Area

Investment Score for ZIP 28409

Monthly Rent (2BR)

$1,940

Median Price (2BR)

$302,390

1% Rule

0.64%

Annual Yield

7.7%

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	$1,350
1 Bedroom	$1,780
2 Bedrooms	$1,940
3 Bedrooms	$2,550
4 Bedrooms	$2,550
5 Bedrooms	$2,958
6 Bedrooms	$3,313
7 Bedrooms	$3,578
8 Bedrooms	$3,757

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	$1,940	$302,390	0.64%	D
3BR	$2,550	$451,030	0.57%	F
4BR	$2,550	$635,137	0.4%	F
5BR	$2,958	$879,770	0.34%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

36,163

Median Household Income

$111,048

Housing Units

15,216

Renter Percentage

15.6%

Occupancy Rate

95.6%

Renter Occupied

2,273

The ZIP code 28409, located in Wilmington, North Carolina, offers a blend of urban convenience and coastal charm. This area is characterized by its proximity to the city's amenities and its relatively affordable housing options compared to other parts of the state. The following analysis provides key insights into the rental and housing market dynamics for potential investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 28409 for fiscal year 2024 is set at $1,800, reflecting the government's benchmark for affordable rental rates.
The actual market rent, as indicated by Zillow's ZORI (Zestimate of Rent Index), stands at $2,299 for a similar unit, suggesting that the local rental market exceeds the FMR by a significant margin.
The median home value in this area is $510,778, indicating a moderate level of property investment and appreciation potential.
Renters make up 15.6% of the population, which is a smaller share compared to many urban areas, but still represents a substantial demand for rental properties.
The Days on Market (DOM) for rental listings is 34 days, implying a fairly efficient rental market where properties are typically leased out within a month of being listed.
The median household income in ZIP 28409 is $111,048, providing a strong economic foundation for the rental market, as higher incomes can support higher rents.

Investors looking to enter the rental market in ZIP 28409 will find a robust environment driven by a moderate gap between the FMR and actual market rents. The lower renter share suggests a niche opportunity for those who can cater to specific tenant needs, while the quick turnaround time for rentals indicates a healthy demand. Coupled with the median home values and household incomes, the area presents a balanced opportunity for steady returns without the volatility seen in more speculative markets.

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.