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 | $1,780 |
| 1 Bedroom | $2,350 |
| 2 Bedrooms | $2,560 |
| 3 Bedrooms | $3,360 |
| 4 Bedrooms | $3,360 |
| 5 Bedrooms | $3,898 |
| 6 Bedrooms | $4,366 |
| 7 Bedrooms | $4,715 |
| 8 Bedrooms | $4,951 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,350 | $502,982 | 0.47% | F |
| 2BR | $2,560 | $1,176,117 | 0.22% | F |
| 3BR | $3,360 | $1,739,860 | 0.19% | F |
| 4BR | $3,360 | $2,733,523 | 0.12% | F |
| 5BR | $3,898 | $4,156,574 | 0.09% | F |
U.S. Census Bureau data (2024)
ZIP code 28480 encompasses a high-end residential area in Wrightsville Beach, North Carolina. With a population of 2,776, this neighborhood stands out for its low percentage of renters at only 18.5%, indicating a predominantly owner-occupied community. The median household income here is exceptionally high at $172,500, reflecting the affluent nature of the residents. This wealth is further underscored by the median home value of $1,647,905, which places it among the most expensive areas in the region.
The rental market in ZIP 28480 is characterized by its premium pricing. According to the Census American Community Survey, the average market rent is $2,336 per month. In contrast, the Fair Market Rent (FMR) set by the Department of Housing and Urban Development for the fiscal year 2024 is $2,270. This slight discrepancy suggests that while there is a demand for rentals, the rents are closely aligned with the HUD guidelines, making it challenging for landlords to significantly exceed the FMR without risking non-compliance with Section 8 requirements.
Given these economic conditions, ZIP 28480 would likely be a better fit for a hands-on value-add buyer rather than a hands-off voucher operator. The relatively low percentage of renters and the high median income suggest that there is a limited pool of tenants eligible for Section 8 vouchers. Moreover, the high median home value implies that properties are costly to acquire and maintain, necessitating active management to maximize returns and ensure compliance with the program's strict guidelines. For an investor willing to engage actively, there could be opportunities to enhance property values and attract higher-paying tenants, thereby improving overall profitability.
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.