Location: Carteret County, NC | Metro: Carteret 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 | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,570 |
| 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 |
|---|---|---|---|---|
| 1BR | $960 | $193,555 | 0.5% | F |
| 2BR | $1,250 | $483,957 | 0.26% | F |
| 3BR | $1,570 | $684,900 | 0.23% | F |
| 4BR | $2,090 | $1,028,301 | 0.2% | F |
| 5BR | $2,424 | $1,654,993 | 0.15% | F |
U.S. Census Bureau data (2024)
The ZIP code 28512 in North Carolina presents a nuanced scenario for both renters and landlords. The median income here stands at $91,488, while the market rate for rent is $1,223 according to Census ACS data. This means that an average household would spend approximately 16% of their income on rent at market rates, which is manageable but leaves little room for other expenses.
Comparatively, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,170. For households receiving housing vouchers, this figure represents the maximum allowable rent payment. Given the market rate of $1,223, landlords who accept vouchers must be willing to accept a lower rent payment, approximately $53 less per month, to remain competitive.
The ZIP code has a relatively low percentage of renters at 20.9%, with a total population of 3,358. This suggests a smaller pool of potential tenants looking for rental properties, which could intensify competition among landlords. However, the affordability gap between the market rate and the voucher standard indicates that there might be a significant portion of the population that finds market-rate rents unaffordable without assistance.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. While accepting vouchers means receiving slightly less rent than the market rate, it opens up access to a segment of the population that might otherwise struggle to find housing. This can lead to a more stable occupancy rate and reduce vacancy periods. In contrast, focusing solely on cash-paying tenants may limit the number of viable applicants, especially in a market where many households have tight budgets. Landlords should weigh these factors carefully when deciding on their rental strategy.
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.