Location: Carteret County, NC | Metro: Jacksonville, NC MSA
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 | $950 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,610 | $365,723 | 0.44% | F |
| 4BR | $2,030 | $459,231 | 0.44% | F |
U.S. Census Bureau data (2024)
The analysis of the Section 8 cap-rate picture for ZIP code 28582 reveals key insights into potential investment opportunities. The Fair Market Rent (FMR) for a two-bedroom apartment in this area, for fiscal year 2024, is set at $1340 per month. When annualized, this equates to an income of $16,080 annually. In contrast, the market rent for a similar property, based on Census ACS data, stands at $1,106 monthly, translating to an annual income of $13,272.
To derive the gross yield for these scenarios, we must consider the median home value in ZIP 28582, which is $378,451. For the Section 8 scenario, using the annualized FMR of $16,080, the implied gross yield is approximately 4.25%. This is calculated by dividing the annual rental income by the median home value: $16,080 / $378,451 = 0.0425 or 4.25%. On the other hand, the market rent scenario yields an implied gross yield of about 3.51%, calculated similarly: $13,272 / $378,451 = 0.0351 or 3.51%.
Given the 11.1% renter density in the area, it's important to note that while this percentage is relatively low, it does suggest a smaller pool of potential tenants. However, the stability of Section 8 income can be a significant advantage over relying solely on market rents. The N/A-day DOM (Days on Market) indicates that there is no recent data available regarding how quickly properties are being rented out, which could be due to various factors including a steady demand or consistent vacancy rates.
The higher gross yield of 4.25% from the Section 8 scenario is more concrete and potentially more attractive to investors seeking stable income sources. While the market rent scenario offers a lower gross yield of 3.51%, it also provides the flexibility of potentially increasing rent beyond the FMR if the market allows, thus improving the overall yield. However, the predictability and guaranteed payment of Section 8 rents, despite the lower density of renters, makes the 4.25% gross yield a more realistic and secure option for those prioritizing 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.