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 | $306,210 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 28579 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, especially when comparing the market rent at an unspecified rate to the $1,100 Fair Market Rent (FMR) for fiscal year 2026 in the metropolitan area. High turnover can lead to increased costs associated with finding new tenants, including advertising expenses and potential delays in occupancy.
Vacancy exposure is another critical issue. With an unspecified number of days on the market (DOM), there is uncertainty about how long properties might remain vacant. This unpredictability can be costly, as vacant units do not generate rental income. The typical home value in this area is $287,880, which is relatively high, but it does not necessarily translate into lower vacancy rates if the local economy is weak or if there is a surplus of available housing.
Deferred maintenance is a notable risk, particularly given the median income of $64,519. Landlords must ensure that properties meet the necessary standards set by the Housing Quality Standards (HQS) for Section 8 eligibility. If the property requires extensive repairs or upgrades, these costs could be substantial and might not be fully covered by the tenant's voucher amount. Moreover, landlords should be prepared for regular inspections and the need to maintain detailed records of all repairs and improvements.
However, these risks are somewhat mitigated by the high concentration of renters in the area. With a 13.7% renter share, there is likely to be a strong demand for rental housing, which includes tenants using Section 8 vouchers. This high density of renters typically means a larger pool of potential voucher holders, increasing the likelihood of finding qualified tenants who can cover the rent through their vouchers.
In conclusion, the risks associated with becoming a first-time Section 8 landlord in ZIP code 28579 are moderate. While challenges such as tenant turnover, vacancy exposure, and deferred maintenance exist, the high renter density provides a solid foundation for demand and stability.
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.