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 Fair Market Rent (FMR) for ZIP code 28564 in fiscal year 2024 is set at $1230. This figure represents the maximum amount that a landlord can receive from the federal government under the Section 8 Housing Choice Voucher program for renting a unit in this area. It's important to note that this is the payment standard, not the actual rent you charge tenants.
To put this into perspective, let's consider the local average rent. In ZIP 28564, the average rent is currently N/A, which makes it difficult to directly compare with the FMR. However, the FMR is typically aligned with the median market rent in an area, so if your property's rent is below or close to $1230, it stands a good chance of being approved under the Section 8 program.
The demand for rental properties in ZIP 28564 is represented by the N/A% of renters who rely on housing assistance. This indicates a significant portion of the population seeking subsidized housing, suggesting that there could be strong interest in Section 8 rentals.
When acquiring a property for Section 8, the typical cost is N/A. This price should be considered alongside the potential income from the program. While the FMR provides a steady income source, it might not cover all expenses such as maintenance, utilities, and vacancy periods. Therefore, it's crucial to ensure that your property's total expenses do not exceed the FMR plus any additional rent you might collect from tenants.
Before proceeding with a Section 8 rental in ZIP 28564, verify that your property meets the minimum physical condition standards required by the program. These standards ensure that the property is safe, decent, and sanitary, and failure to meet them can result in disqualification.
In summary, the FMR of $1230 sets a limit on government payments but can still provide a reliable income stream given the demand for assisted housing in the area. Ensure your property is up to code to avoid any issues once you're part of the program.
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.