Section 8 Fair Market Rent (FMR) for ZIP 28449 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,220
1 Bedroom	$1,610
2 Bedrooms	$1,750
3 Bedrooms	$2,300
4 Bedrooms	$2,300
5 Bedrooms	$2,668
6 Bedrooms	$2,988
7 Bedrooms	$3,227
8 Bedrooms	$3,388

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,131

Median Household Income

$107,563

Housing Units

1,820

Renter Percentage

20.0%

Occupancy Rate

50.2%

Renter Occupied

183

Housing Authorities Serving ZIP 28449

Housing Authority of the City of Wilmington (Wilmington, NC) - 2,083 Section 8 vouchers

To decide whether you should invest in ZIP 28449 (Kure Beach, NC) for Section 8 properties, follow these steps:

Step 1: Can the Fair Market Rent (FMR) of $1830 cover the debt service on a property valued at $753,315?

If yes: The FMR of $1830 can indeed support a property priced at $753,315, assuming standard financing terms. This makes the investment feasible from a financial standpoint.
If no: The FMR of $1830 is insufficient to clear the debt service on a property costing $753,315. Therefore, buying in this area would not be advisable under Section 8 guidelines.

Step 2: Compare the market rent of $1,420 (from Census ACS data) with the FMR of $1830.

If market rent is below FMR: At $1,420, the market rent is lower than the FMR of $1830. This indicates that Section 8 tenants could potentially afford higher rents, making it a good fit for Section 8 properties.
If market rent is equal to or above FMR: Since the market rent of $1,420 is below the FMR, this scenario does not apply here. However, if the market rent were to rise and surpass the FMR, it would suggest that Section 8 properties might struggle to compete with the private market.

Step 3: Evaluate the rental demand. In ZIP 28449, 20.0% of residents are renters. The data also shows N/A for days on the market (DOM), indicating either an error or that there isn't sufficient data to determine how quickly rentals are occupied.

If there is enough demand: With 20.0% of the population being renters, there is a steady demand for rental properties. If the DOM is low, this suggests strong demand and quick occupancy, which is favorable for Section 8 investments.
If there is insufficient demand: If the DOM is high, it implies that rental properties take longer to occupy, which could make the investment less attractive. However, given the N/A status, we cannot definitively assess this criterion.

In summary, if the FMR of $1830 can support the debt service on a $753,315 property, and the market rent of $1,420 is below the FMR, then ZIP 28449 is a viable option for Section 8 properties. The 20.0% rental rate suggests there is a base level of demand, but the lack of DOM data leaves some uncertainty regarding how quickly units can be leased.

Data Sources: FMR data from HUD (2027). 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.