Location: Craven County, NC | Metro: Craven County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
The ZIP code 28561 in Unknown, NC, presents a unique challenge for both renters and landlords due to incomplete data on median income and market rental rates. However, the federally determined Fair Market Rent (FMR) for the area in fiscal year 2024 stands at $1230. This figure represents the maximum amount that a household receiving a housing voucher can pay towards their rent, based on the local rental market conditions.
Given the lack of specific data on median income and market rate, it's essential to consider the voucher payment standard as a benchmark for affordability. A household relying solely on a voucher would be expected to pay 30% of their adjusted income towards rent, with the remaining amount covered by the voucher up to the FMR limit. Therefore, if the market rate exceeds $1230, only those households with additional income beyond the voucher assistance level will be able to afford the rent.
The unknown percentage of renters and the population size further complicates the analysis. Nonetheless, the affordability gap, where the FMR serves as a cap for voucher payments, suggests that landlords might face competition from properties that cater specifically to voucher holders. These landlords would need to ensure their rents do not exceed the $1230 threshold to attract voucher recipients, while those targeting non-voucher tenants must offer competitive pricing within the local market.
For landlords considering their strategy between accepting vouchers versus relying on cash-paying tenants, the key takeaway is to be aware of the $1230 FMR limit. Accepting vouchers locks in a guaranteed rent level but limits potential income to below-market rates. In contrast, focusing on cash-paying tenants could potentially yield higher rents but requires careful market positioning and understanding of the local economy to remain competitive and attractive to renters.
Data Sources: FMR data from HUD (2027).
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.