Location: Carteret County, NC | Metro: Carteret County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 28577 reveals a significant gap between the Fair Market Rent (FMR) set at $1,200 for the fiscal year 2026 and the actual market rent of $1,040 as reported by the Census ACS. This gap stands at $160, or approximately 15.4%, indicating that the FMR is higher than the current market rent.
This scenario presents an opportunity for landlords and small-portfolio investors. With the FMR exceeding the market rent, properties leased through the Section 8 program can offer a higher yield compared to those rented at open-market rates. The guaranteed rental income, coupled with the stability provided by the federal government's subsidy, makes voucher tenants particularly attractive in this area. Landlords can expect to receive a consistent $1,200 per month, which is above what they might earn from typical market-rate tenants paying $1,040.
Moreover, the local context supports this yield play. In ZIP 28577, 48.5% of residents are renters, and the median income is $96,563. These factors suggest a substantial demand for affordable housing options, making Section 8 vouchers a viable solution for many potential tenants. The median home value in the area is $184,957, which further underscores the need for subsidized housing given the relatively high cost of homeownership.
In conclusion, the discrepancy between the FMR and market rent in ZIP 28577 positions it as a favorable market for Section 8 participation. Landlords can leverage this gap to achieve higher yields while providing necessary housing support to lower-income families. The local demographic trends and economic conditions reinforce the attractiveness of this investment strategy.
Data Sources: FMR data from HUD (2027). 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.