Location: Lenoir County, NC | Metro: Goldsboro, NC MSA
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 | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $119,946 | 0.93% | C |
| 3BR | $1,350 | $219,922 | 0.61% | D |
| 4BR | $1,820 | $328,496 | 0.55% | F |
U.S. Census Bureau data (2024)
The Section 8 HUD Fair Market Rent (FMR) for ZIP code 28551, which includes La Grange, NC, in Lenoir County, is set at $1000 for fiscal year 2024. In contrast, the Census ACS reports a market rent of $868 for the same area. This indicates that voucher tenants can cashflow comfortably at the FMR rate, as it exceeds the average market rent by approximately $132 per month.
The median home value in ZIP 28551 is $185,490. Using the reported market rent of $868, we can calculate a rent-to-price ratio of roughly 0.47%, suggesting that rental income represents a significant portion of the property value. This ratio supports the viability of investment properties in this area for generating positive cash flow.
Note that the median Days on Market (DOM) and the percentage of price cuts are not available for this analysis. However, the strong disparity between the HUD FMR and the actual market rent suggests that the cashflow angle is the strongest for investors in ZIP 28551.
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.