Section 8 Fair Market Rent (FMR) for ZIP 28520 - 2027
Location: Carteret County, NC | Metro: Carteret County, NC
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $970 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$80,859
A decision tree for whether to buy in ZIP code 28520 for Section 8 purposes involves three key questions:
- Does the Fair Market Rent (FMR) of $1,130 cover the debt service on a property valued at $284,901?
- If the debt service is less than $1,130 per month, then the answer is Yes. This indicates that the rental income would be sufficient to cover the mortgage and other costs associated with owning the property.
- If the debt service exceeds $1,130 per month, then the answer is No. The rental income would not be enough to sustain the financial obligations of the property, making it a poor investment for Section 8.
- Is the market rent above, at, or below the FMR of $1,130?
- The data provided states that the market rent is N/A (not available), which means we cannot accurately compare it to the FMR. Therefore, the answer is It Depends. Without specific market rent figures, it's challenging to gauge if the area is overpriced, fairly priced, or underpriced relative to what Section 8 tenants can afford.
- Are the rental rates and the number of days on the market (DOM) indicative of sufficient demand?
- The data shows that 0.0% of the population are renters and the DOM is listed as N/A. These figures suggest there is either no rental market data available or an extremely low percentage of renters, making it difficult to assess demand. The answer is No. With no renters and unknown DOM, the demand for rental properties seems insufficient to justify an investment based on Section 8 alone.
In summary, while the FMR could potentially cover debt service depending on the specifics of the property, the lack of market rent data and the absence of a discernible rental market in ZIP 28520 make it an unfavorable choice for Section 8 investments.
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.