Location: Carteret 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 | $970 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,610 | $303,534 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 28553, located within the Carteret County, NC metro area, presents a unique profile when compared to typical ZIP codes in the same county. With a Fair Market Rent (FMR) set at $1,200 for fiscal year 2026, it aligns closely with the metro's average FMR, suggesting that rental prices in this ZIP code are reflective of the broader local market conditions.
However, the absence of market rent data for ZIP 28553 introduces an element of uncertainty regarding how closely its actual rental prices match the FMR. This gap in information could indicate that the ZIP code is less densely populated or has fewer rental properties reported compared to other areas, which might skew the availability of such data.
The median home value in ZIP 28553 stands at $275,660. This figure is likely indicative of the general affordability of homeownership within this ZIP code. In comparison to typical ZIP codes in Carteret County, NC, where home values can vary widely, this suggests that 28553 offers a moderate level of home value, neither exceptionally low nor high, placing it potentially in the mid-tier range of neighborhoods.
With a 15.5% renter share, ZIP 28553 shows a slightly higher proportion of renters than some rural areas might typically have, but still lower than urban centers. This indicates that while there is a notable rental market, homeownership remains prevalent. The combination of a relatively high renter share and a home value that is below the average for the metro area, if the latter were higher, could signal a potential sweet spot for Section 8 investments, as it would suggest an area with good rental demand and potentially lower property acquisition costs.
Given the available data, ZIP 28553 appears to be a mid-tier neighborhood within the Carteret County, NC metro. It is neither significantly undervalued nor overvalued relative to the metro area, making it a stable investment option for landlords and small-portfolio investors. However, the lack of specific market rent data prevents a definitive conclusion on its exact positioning within the rental market hierarchy of the county.
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.