Location: Pamlico County, NC | Metro: Pamlico County, NC
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 | $1,050 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,320 | $282,855 | 0.47% | F |
| 3BR | $1,630 | $384,647 | 0.42% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 28510, which encompasses Minnesott Beach, NC, stands at $58,839. This figure places significant constraints on what a typical household can afford in terms of rent. The market rate for rent in this area, according to Census ACS data, is $1,133. To put this into perspective, a household earning the median income would spend nearly 23% of their monthly income on rent alone, assuming they pay the market rate.
In comparison, the Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $1,030. This is the standard amount that a Section 8 voucher would cover. At this rate, the rent burden drops slightly to around 21% of the median monthly income. However, it's important to note that the FMR is designed to be affordable for low-income households, and it is lower than the market rate, indicating a potential affordability gap for renters without vouchers.
With only 19.8% of the 1,718 residents being renters, the competition among landlords is relatively low. This means that landlords have a smaller pool of potential tenants who might be able to pay the market rate, but also fewer competitors vying for those same tenants. The affordability gap suggests that many renters might find it difficult to afford the market rate without assistance.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: while cash-paying tenants might offer higher rental income, the likelihood of finding such tenants in ZIP 28510 is limited due to the median income level. Accepting Section 8 vouchers ensures a steady stream of tenants, albeit at a lower rate than the market. Landlords should weigh the benefits of guaranteed occupancy against the slightly reduced income from voucher 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.