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 | $1,030 |
| 1 Bedroom | $1,370 |
| 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 |
|---|---|---|---|---|
| 2BR | $1,500 | $265,308 | 0.57% | F |
| 3BR | $1,970 | $351,137 | 0.56% | F |
| 4BR | $2,090 | $434,983 | 0.48% | F |
U.S. Census Bureau data (2024)
The ZIP code 28429, located in Castle Hayne, North Carolina, stands out within New Hanover County due to its unique demographic and economic characteristics. With a total population of 9,662, only 13.9% of the residents rent their homes, indicating a strong preference for homeownership among the populace. The median income of $72,337 suggests a middle-class community, while the median home value of $364,978 reflects a stable housing market.
Turning to the voucher economics, the Fair Market Rent (FMR) for ZIP 28429 in fiscal year 2024 is set at $1,200, which is significantly lower than the market rent of $2,336 (ZORI). This discrepancy highlights an opportunity for landlords who can accept Section 8 vouchers, as they will be able to fill vacancies that might otherwise remain empty due to the high cost of renting in the area. Landlords should note that while the voucher amount is less than the market rate, it is still substantial and provides a reliable source of income with little risk of non-payment.
Given the data signature of ZIP 28429, it reads as stable rather than transitional. The relatively low rental rate compared to the high median home value indicates a mature market where homeownership is favored over renting. However, the presence of a Section 8 program and the significant difference between FMR and ZORI suggest that there is a segment of the population that relies on government assistance to afford housing. This stability, coupled with the economic support offered by Section 8 vouchers, makes it a viable option for landlords looking to maintain occupancy rates and ensure a steady stream of income.
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.