Section 8 Fair Market Rent (FMR) for ZIP 28624 - 2027

Location: Wilkes County, NC | Metro: Hickory-Lenoir-Morganton, NC MSA

Investment Score for ZIP 28624

N/A

Monthly Rent (2BR)

$1,070

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$870
1 Bedroom	$910
2 Bedrooms	$1,070
3 Bedrooms	$1,390
4 Bedrooms	$1,660
5 Bedrooms	$1,926
6 Bedrooms	$2,157
7 Bedrooms	$2,330
8 Bedrooms	$2,447

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,390	$333,015	0.42%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,438

Median Household Income

$51,836

Housing Units

810

Renter Percentage

19.3%

Occupancy Rate

75.9%

Renter Occupied

119

In ZIP code 28624, the economics of Section 8 vouchers are defined by the Specific Area Fair Market Rent (SAFMR) which is set at $920 for a two-bedroom unit in fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, reflecting local rental conditions more accurately than broader county or metro averages.

The local market rent, according to Census ACS data, is $436 for a two-bedroom unit. This discrepancy between the SAFMR and the actual market rent can be significant when considering the financial implications for landlords. To clarify how a voucher works, let's break down the components:

Tenant Portion: Tenants are required to pay 30% of their adjusted income towards rent. If a tenant has an adjusted income of $1,000 per month, they would contribute $300 towards the rent.
Voucher Payment: The Section 8 voucher will cover the difference between the tenant’s payment and the SAFMR, up to the SAFMR amount. In this case, if the SAFMR is $920 and the tenant pays $300, the voucher would pay the remaining $620 to the landlord.
Utility Allowances: Vouchers also include allowances for utilities. These allowances vary but typically do not exceed a certain percentage of the total rent. For ZIP 28624, these allowances might add an additional $100-$150 to the reimbursement, depending on the tenant’s specific needs and the utility costs in the area.

Given these factors, the total reimbursement a landlord can expect from a Section 8 voucher for a two-bedroom unit in ZIP 28624 would be around $720-$770. This figure takes into account the tenant’s contribution of 30% of their income and the typical utility allowance range.

Considering the local market rent of $436, landlords in ZIP 28624 would see a surplus when renting to tenants with Section 8 vouchers. The surplus ranges from $284 to $334 per month, providing a significant financial advantage over market rates. This makes Section 8 participation attractive for landlords looking to ensure steady rental income and avoid vacancies.

However, it's important to note that while the SAFMR sets the maximum reimbursement, landlords should aim to keep their rents competitive and reasonable to attract tenants. Overpricing beyond the SAFMR could result in fewer interested tenants, leading to potential vacancy issues.

In summary, for a two-bedroom unit in ZIP 28624, landlords can expect a reimbursement of approximately $720-$770 from a Section 8 voucher, resulting in a surplus of $284 to $334 above the local market rent of $436.

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.