Location: Craven County, NC | Metro: Craven 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 | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,440 | $236,168 | 0.61% | D |
U.S. Census Bureau data (2024)
The ZIP code 28527 stands out due to its unique mix of low rental occupancy and relatively high median income. With only 13.7% of its 1,588 residents renting, the area has a predominantly owner-occupied housing market. The median income of $74,190 suggests that most homeowners can afford their mortgages without significant financial strain. However, the median home value of $229,565 indicates that those who do rent face a challenging market, especially when considering the disparity between the Fair Market Rent (FMR) and the actual market rates.
The voucher economics in ZIP 28527 are particularly noteworthy. For fiscal year 2024, the FMR is set at $990, which is significantly lower than the market rate of $1,638. This discrepancy means that landlords who accept Section 8 vouchers will need to adjust their expectations for rental income. Despite the lower FMR, the higher median income in the area could support a stable tenant base capable of meeting the voucher requirements and covering any potential shortfall.
Based on the data signature, ZIP 28527 appears to be a stable market. The combination of a high median income and a moderate median home value suggests that the area is financially secure and less prone to rapid changes. While the rental market is small, it is likely that tenants receiving Section 8 vouchers will have a steady source of income, contributing to the overall stability of the rental sector.
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.