Section 8 Fair Market Rent (FMR) for ZIP 28584 - 2027

Location: Carteret County, NC | Metro: Jacksonville, NC MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,230
1 Bedroom	$1,240
2 Bedrooms	$1,580
3 Bedrooms	$2,080
4 Bedrooms	$2,640
5 Bedrooms	$3,062
6 Bedrooms	$3,429
7 Bedrooms	$3,703
8 Bedrooms	$3,888

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

14,939

Median Household Income

$87,414

Housing Units

7,719

Renter Percentage

19.9%

Occupancy Rate

79.7%

Renter Occupied

1,223

Housing Authorities Serving ZIP 28584

Eastern Carolina Human Services Agency, Inc. (Jacksonville, NC) - 837 Section 8 vouchers
Coastal Community Action, Inc. (Newport, NC) - 454 Section 8 vouchers
Housing Authority of the Town of Beaufort (Beaufort, NC)

To determine if a landlord should invest in ZIP 28584 for Section 8 properties, follow these decision points:

1) Does the Fair Market Rent (FMR) of $1,460 cover the debt service on a property valued at $401,273?

No. The FMR of $1,460 would not be sufficient to cover the debt service on a property valued at $401,273. Assuming an average mortgage rate of 4%, the annual debt service would be approximately $16,051 or $1,338 per month. This does not include other costs such as property taxes, insurance, and maintenance. Therefore, the FMR alone would not fully support the financial obligations of owning a property in this price range.

2) How does the market rent compare to the FMR?

The Zillow Observed Rent Index (ZORI) indicates that the market rent in ZIP 28584 is $1,775, which is above the FMR of $1,460. This suggests that there is potential for landlords to charge higher rents outside of the Section 8 program. However, for those strictly interested in Section 8 properties, the lower FMR must be considered.

3) Is there enough demand from renters to justify investment?

The rental market in ZIP 28584 has 19.9% of residents who are renters. Additionally, the days on market (DOM) for rentals is 45 days. While these figures suggest a moderate level of demand, they do not guarantee profitability when combined with the low FMR and high property values.

Decision Tree Summary:

If your primary goal is to rely solely on Section 8 tenants, then the answer is No. The FMR does not adequately cover the debt service for a property valued at $401,273.
If you are willing to consider non-Section 8 tenants and can charge the market rent of $1,775, then the answer is Yes. This higher rent could help offset the financial burden of owning a property in this area.
If you are considering a mix of Section 8 and market-rate tenants, then the answer is It Depends. You would need to evaluate the specific property's expenses and the proportion of Section 8 versus market-rate tenants you expect to have.

In conclusion, investing in ZIP 28584 for Section 8 properties is not recommended due to the insufficient FMR to cover debt service. However, the potential for higher market rents makes the area viable for landlords willing to attract non-Section 8 tenants.

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.