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 | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $138,761 | 0.73% | D |
| 3BR | $1,220 | $196,587 | 0.62% | D |
U.S. Census Bureau data (2024)
ZIP code 28515 in North Carolina presents an interesting rental market scenario. The median household income stands at $31,715, which contrasts sharply with the market rate rent of $591 per month according to the Census ACS. This suggests that even at market rates, the average renter in this area might struggle to afford housing comfortably.
To further analyze affordability, consider the Fair Market Rent (FMR) standard set at $940 per month for fiscal year 2024. This figure represents the maximum amount that a Section 8 voucher holder can pay toward their rent. However, it is significantly higher than the current market rate, indicating a substantial affordability gap for those relying solely on their income versus those with voucher assistance.
The ZIP code has a population of 2,822, with 28.9% of households being renters. This means that roughly 810 households are currently renting properties. Given the limited income of the typical resident, landlords face stiff competition when setting rents above the market rate, as many potential tenants will be unable to meet these higher costs without financial aid.
The takeaway for landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants is clear. While cash-paying tenants offer immediate, unrestricted income, they are fewer in number due to the economic constraints of the area. On the other hand, accepting Section 8 vouchers can provide a steady stream of income closer to the FMR standard, ensuring a broader pool of qualified tenants despite the administrative complexities involved.
In conclusion, landlords in ZIP 28515 should weigh the benefits of voucher programs against the realities of local income levels. By embracing Section 8, landlords can tap into a larger tenant base while still receiving reasonable rent payments through government subsidies.
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.