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 | $1,030 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,700 |
| 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 | $1,350 | $282,675 | 0.48% | F |
| 3BR | $1,700 | $423,036 | 0.4% | F |
| 4BR | $2,250 | $630,670 | 0.36% | F |
| 5BR | $2,610 | $1,096,445 | 0.24% | F |
U.S. Census Bureau data (2024)
The ZIP code 28557, located in Morehead City, NC, has a population of 15,253 individuals, with 37.5% of them being renters. This indicates a moderate rental market presence, but not necessarily a heavy one. The median household income in this area stands at $68,528, which is an important figure when considering the affordability of housing.
The typical market rent for the area is $1,738, which represents approximately 25.35% of the median household income. This percentage is calculated by dividing the market rent by the median income ($1,738 / $68,528 * 100), showing that rent eats a significant portion of local income. For comparison, the Fair Market Rent (FMR) for the metro area is set at $1,270 for fiscal year 2026. This suggests that the market rent is higher than the FMR, indicating a potentially challenging environment for tenants relying solely on Section 8 vouchers.
The difference between the market rent and the FMR highlights the scarcity of vouchers relative to the cost of living. With a market rent of $1,738 and an FMR of $1,270, landlords can expect tenants who use Section 8 vouchers to have difficulty affording units without additional contributions from other sources, such as personal income or co-signers. Landlords should be prepared to offer units at or near the FMR level to attract voucher holders effectively.
In terms of tenant profiles, landlords in Morehead City should anticipate a mix of low-income families and individuals who qualify for Section 8 assistance. These tenants will likely require units priced around the FMR to ensure they can afford their monthly rent payments. Given the median income and the high market rents, it's crucial for landlords to understand the financial constraints faced by voucher recipients and to consider offering units that align with the FMR to meet the needs of this demographic.
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.