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 | $1,410 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,860 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $3,110 |
| 5 Bedrooms | $3,608 |
| 6 Bedrooms | $4,041 |
| 7 Bedrooms | $4,364 |
| 8 Bedrooms | $4,582 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,420 | $292,287 | 0.49% | F |
| 2BR | $1,860 | $547,071 | 0.34% | F |
| 3BR | $2,340 | $725,799 | 0.32% | F |
| 4BR | $3,110 | $1,078,085 | 0.29% | F |
| 5BR | $3,608 | $1,653,631 | 0.22% | F |
U.S. Census Bureau data (2024)
ZIP 28594, located in Emerald Isle, NC, within the Carteret County, NC metro area, serves well as an appreciation play within a Section 8 portfolio strategy. The current Fair Market Rent (FMR) for the area stands at $1,690 for fiscal year 2026, while the market rent is slightly higher at $1,704. This minimal difference indicates that the area is not significantly overvalued compared to the government's rental standards.
The median home value in ZIP 28594 is $747,945, which is relatively high. However, the low price-cut share of 0.2% suggests that property values are stable and unlikely to require significant reductions to attract buyers. Additionally, the day on market (DOM) figure is not applicable here, indicating that homes in this area sell quickly without extended periods of vacancy.
With a renter share of 14.4%, the majority of residents in Emerald Isle prefer homeownership, which aligns with the appreciation play strategy. Landlords and small-portfolio investors can expect steady capital appreciation rather than focusing solely on rental income. The median income of $89,773 is also a positive indicator, as it suggests a robust local economy capable of supporting property value growth.
To summarize, ZIP 28594 is best suited as an appreciation play due to its stable property values, quick sales, and strong local economy. While it offers a slight spread between FMR and market rent, the primary benefit lies in the potential for long-term capital gains.
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.