Location: Craven 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 | $1,070 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,250 |
| 5 Bedrooms | $2,610 |
| 6 Bedrooms | $2,923 |
| 7 Bedrooms | $3,157 |
| 8 Bedrooms | $3,315 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,410 | $153,923 | 0.92% | C |
| 3BR | $1,860 | $245,341 | 0.76% | D |
| 4BR | $2,250 | $296,498 | 0.76% | D |
U.S. Census Bureau data (2024)
Investing in Section 8 properties in ZIP code 28532, located in Havelock, NC, comes with several inherent risks that landlords must consider. Tenant turnover is a significant concern, as the market rent of $1,495 is notably higher than the Fair Market Rent (FMR) of $1,360 for fiscal year 2024. This discrepancy suggests that tenants might struggle to afford the market rate, leading to frequent moves and increased vacancy periods.
Vacancy exposure is another critical factor. With an average Days on Market (DOM) of just 20 days, it indicates a relatively quick rental process. However, this can also mean that landlords have less time to screen potential tenants adequately, increasing the risk of problematic occupants. The typical home value in the area is $233,651, which is substantial compared to the median income of $60,605. This disparity implies that many homeowners may defer maintenance due to financial constraints, potentially affecting the quality of rental units and the overall living conditions for tenants.
Despite these challenges, there are compelling reasons to consider investing in Section 8 properties in this ZIP code. The renter share stands at 48.0%, indicating a high concentration of renters. This high density usually translates into greater demand for housing vouchers, making it easier to find qualified tenants who can afford the rent through government assistance. Additionally, the strong rental market suggests that there is a continuous need for housing, which can help mitigate the risks associated with vacancy and turnover.
Verdict: Moderate risk for a first-time Section 8 landlord. While the risks are present, the high renter density and strong demand for affordable housing provide a solid foundation for investment. Careful management and tenant selection will be key to success.
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.