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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,240 | $216,052 | 0.57% | F |
| 2BR | $1,580 | $276,664 | 0.57% | F |
| 3BR | $2,080 | $398,555 | 0.52% | F |
| 4BR | $2,640 | $494,306 | 0.53% | F |
| 5BR | $3,062 | $532,405 | 0.58% | F |
U.S. Census Bureau data (2024)
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:
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). Median home prices from Zillow (2026-07-31). 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.