Location: Hickory-Lenoir-Morganton, NC | Metro: Hickory-Lenoir-Morganton, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
ZIP code 28619 is predominantly a renter-heavy area with significant demand for Section 8 vouchers. The population stands at 487, with 48.1% being renters. This indicates that nearly half of the residents rely on rental housing, making it an attractive location for landlords and small-portfolio investors looking to cater to subsidized tenants.
The median household income in this ZIP is $34,881, which is notably lower than the Fair Market Rent (FMR) of $920 set for FY 2024. The current market rent is $759, representing approximately 22% of the median income. This suggests that typical rents consume a substantial portion of the average resident's earnings, emphasizing the reliance on financial assistance such as Section 8 vouchers.
To put this into perspective, the $759 market rent is about 71% of the FMR. This means that while rents are below the FMR, they still represent a considerable expense for the average household. Landlords in this area can expect to attract tenants who are likely to be dependent on government subsidies to afford housing. These tenants will typically have a low to moderate income level, requiring the support of vouchers to meet their housing costs.
The deep voucher demand in ZIP 28619 reflects the economic realities faced by many residents. With a high percentage of renters and relatively low median income, landlords must consider the importance of accepting Section 8 vouchers to remain competitive and fill vacancies. This ZIP code presents an opportunity for those willing to navigate the requirements of working with subsidized housing programs, ensuring steady tenancy and compliance with federal guidelines.
In summary, ZIP 28619 is characterized by a strong rental market with a significant need for affordable housing options. Landlords should prepare to work with tenants whose incomes are around the median of $34,881 and who rely heavily on Section 8 vouchers to manage their housing expenses.
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.