Location: Wilmington, 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 | $1,280 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $1,840 |
| 3 Bedrooms | $2,420 |
| 4 Bedrooms | $2,420 |
| 5 Bedrooms | $2,807 |
| 6 Bedrooms | $3,144 |
| 7 Bedrooms | $3,396 |
| 8 Bedrooms | $3,566 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,690 | $340,033 | 0.5% | F |
| 2BR | $1,840 | $491,370 | 0.37% | F |
| 3BR | $2,420 | $659,185 | 0.37% | F |
| 4BR | $2,420 | $840,471 | 0.29% | F |
| 5BR | $2,807 | $1,063,426 | 0.26% | F |
U.S. Census Bureau data (2024)
ZIP code 28428, located in Carolina Beach, NC, falls within the larger Wilmington, NC HUD Metro FMR Area. The Fair Market Rent (FMR) for 28428 is set at $1,640 for fiscal year 2024. This FMR figure is lower than the market rent of $2,292, indicating that properties priced closer to the FMR may be more attractive to Section 8 participants.
The median home value in 28428 is $603,967, which is higher than many other ZIP codes within the metro area. However, the renter share stands at 16.1%, suggesting a smaller proportion of residents are renters compared to some other areas within the Wilmington, NC HUD Metro FMR Area.
To determine whether 28428 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we must consider the interplay between FMR, market rent, and home values. Given that the FMR is significantly below the market rent, this ZIP code could attract investors looking for properties that offer rental income within the Section 8 limits. Despite the relatively high median home value, the disparity between FMR and market rent points towards a potential value pocket for those who can find properties at or near the FMR.
The divergence between the high median home value and the lower FMR, combined with the moderate renter share, suggests that while there may be opportunities for Section 8 participation, they might be limited by the overall cost of housing. Investors should focus on identifying units where the rental income aligns with the FMR, as these properties will be most competitive for Section 8 tenants.
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.