Section 8 Fair Market Rent (FMR) for ZIP 28546 - 2027

Investment Score for ZIP 28546

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,100
1 Bedroom	$1,110
2 Bedrooms	$1,360
3 Bedrooms	$1,880
4 Bedrooms	$2,270
5 Bedrooms	$2,633
6 Bedrooms	$2,949
7 Bedrooms	$3,185
8 Bedrooms	$3,344

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,360	$167,644	0.81%	C
3BR	$1,880	$253,853	0.74%	D
4BR	$2,270	$329,095	0.69%	D
5BR	$2,633	$418,739	0.63%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 28546 (Jacksonville, NC) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 28546 in 2026 is set at $1140 for a two-bedroom unit. This represents approximately 21.5% of the median household income of $63,561, which is a reasonable percentage for affordability. However, the actual rent prices in the area are significantly higher, with Zillow reporting a median price for a two-bedroom unit at $167,640. This translates to a price-to-FMR ratio of 12.3x, indicating that the actual rental prices are much higher than the FMR. For voucher holders, this means that they will face significant constraints in finding affordable housing. The FMR is intended to cover the average cost of renting a modest apartment in the area, but with the actual rental prices being so high, many voucher holders will struggle to find units that accept their vouchers and fall within the FMR limits. For example, a voucher holder looking for a three-bedroom unit would have a maximum payment standard of $1590, but the actual rental prices could be much higher, making it difficult to secure suitable housing. #### Affordability & Renter Profile With a population of 47,256 and a renter percentage of 42.2%, there are approximately 19,940 renters in Jacksonville, NC. The occupancy rate of 91.8% suggests that the rental market is relatively tight, with few vacant units available. Given that 42.2% of the population are renters, the demand for rental properties is strong. However, the high price-to-FMR ratio indicates that the market is not particularly affordable for low-income households, who make up a significant portion of the renters. The median household income of $63,561 implies that the majority of residents are middle-class families. The 21.5% of median income allocated to a two-bedroom unit is a manageable amount for these households, but the actual rental prices are still a challenge. This makes the rental market competitive, especially for those relying on Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 28546 presents both opportunities and challenges. The high price-to-FMR ratio of 12.3x suggests that the market is overpriced relative to the FMR. However, the strong demand for rental properties, coupled with a tight market, can still provide positive cash flow for investors willing to accept Section 8 tenants. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the typical expenses associated with owning a rental property. These include mortgage payments, property taxes, insurance, maintenance, and utilities. Assuming a conservative estimate of 75% of the FMR going towards these expenses, a landlord would receive $855 per month for a two-bedroom unit. This leaves a potential profit margin of $285 per month, which is positive but thin given the high costs of owning a property in this area. The investment grade for this ZIP code is moderate. While the rental demand is strong, the high actual rental prices compared to the FMR suggest that landlords may face challenges in attracting tenants who can afford the higher rates. Accepting Section 8 vouchers could help mitigate this risk, but it also comes with additional administrative burdens and potential delays in receiving rent payments. #### Specific Actionable Insights 1. **Focus on Units Below FMR**: Investors should focus on acquiring units that are priced below the FMR to ensure they can attract Section 8 voucher holders. For instance, a two-bedroom unit priced at $1140 or less would be more likely to be occupied by a voucher holder, providing a steady stream of income. 2. **Consider Multi-Bedroom Units**: Given the high FMR for larger units, multi-bedroom units could offer better cash flow opportunities. A three-bedroom unit priced at $1590 or less would be ideal for Section 8 voucher holders, and the higher FMR could result in a better profit margin for the landlord. 3. **Evaluate Property Management Costs**: Due to the high price-to-FMR ratio, investors should carefully evaluate the costs associated with property management. These costs can include legal fees, administrative expenses, and potential delays in receiving rent payments. Ensuring that these costs do not exceed the profit margin is crucial for maintaining positive cash flow. #### Bottom Line Given the high price-to-FMR ratio and the strong demand for rental properties, the recommendation for Section 8-focused investors is to **Hold**. While the market offers some opportunities for positive cash flow, the high costs of owning a rental property in this area make it challenging to achieve substantial profits. Investors should carefully select properties that are priced below the FMR to maximize their chances of attracting Section 8 voucher holders and maintaining occupancy rates. Additionally, focusing on multi-bedroom units could provide a better balance between affordability and profitability.

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.