Location: Hickory-Lenoir-Morganton, NC | Metro: Hickory-Lenoir-Morganton, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 28628 stands out due to its unique characteristics, primarily driven by a small population size of only 60 residents, indicating a very tight-knit community. With 31.0% of these residents renting, it highlights a niche rental market that could be highly sensitive to changes in demand. The median income of $74,375 suggests that residents have a decent financial standing, which could support higher rent payments if the market conditions allow. However, the absence of data regarding the median home value indicates that this area might lack a substantial number of owner-occupied homes, further emphasizing its reliance on the rental market.
Moving into the voucher economics, the Fair Market Rent (FMR) for ZIP 28628 in fiscal year 2024 is set at $1070. This figure represents the maximum amount that a landlord can charge a tenant receiving a housing voucher, effectively capping potential rental income. Given that the market rent data is also not available, landlords must rely on the FMR to gauge their rental pricing strategy. This reliance on government-set rates could limit flexibility in adjusting rents based on market dynamics, making it essential for landlords to understand the local rental landscape thoroughly.
The data signature for ZIP 28628 reads as "transitional." The combination of a small population and a significant portion of renters suggests an evolving market where shifts in demand can quickly impact the rental environment. Landlords and small-portfolio investors should closely monitor trends in both the rental market and the local economy to anticipate changes and adjust their strategies accordingly. While the median income provides some stability, the lack of comprehensive market data points to an area that may still be developing its real estate identity.
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.