Location: Pamlico County, NC | Metro: Pamlico County, NC
| 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 |
U.S. Census Bureau data (2024)
The median home value in ZIP code 28537 is $83,400 based on recent data. For a Section 8 analysis, we consider two scenarios: using the annualized Fair Market Rent (FMR) for a 2-bedroom unit, which is $1140 for FY 2024, and comparing it to the market rent, which is currently not available.
In the first scenario, where the 2BR FMR is $1140 annually, the implied gross yield can be calculated. Assuming a home value of $83,400, the annual rental income of $1140 would result in a gross yield of approximately 1.37%. This calculation is derived by dividing the annual rental income by the property value: ($1140 / $83,400) * 100 = 1.37%. However, this figure is quite low and may not reflect the true earning potential of properties in this area due to the nature of FMR being a guideline rather than a market-driven figure.
In the second scenario, where we consider the market rent, the data is not available. Given that the rental density in ZIP 28537 is 0.0%, it suggests that very few properties are rented out, making it challenging to estimate a realistic market rent. The days on market (DOM) is also not available, indicating a lack of recent sales activity to gauge market conditions accurately. Therefore, relying solely on FMR for calculating the gross yield is more feasible in this case.
The low gross yield implied by the FMR scenario is not likely to attract many investors seeking higher returns. Landlords and small-portfolio investors should consider other factors such as property appreciation rates and potential for rental income growth before making investment decisions in ZIP 28537. The 15.05% appreciation rate over the past year is significantly higher than the national average, providing some long-term investment appeal despite the current low rental yields.
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.