Location: Ashe County, NC | Metro: Alleghany County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The ZIP code 28631 stands out due to its unique demographic and economic characteristics. With a total of 684 residents, this area has a rental rate of 27.7%, which is notably lower than the national average. The median home value in ZIP 28631 is quite high at $308,671, indicating a relatively affluent neighborhood. However, the lack of reported median income data suggests that there might be significant income variability among the residents.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area covering fiscal year 2026 is set at $1,130. This figure is crucial for landlords and small-portfolio investors as it determines the maximum rent that can be charged to tenants using vouchers. Unfortunately, the market rent data for ZIP 28631 is currently unavailable, which means investors must rely on the FMR as a guideline until more specific data becomes available.
The high median home value combined with the limited rental market indicates that ZIP 28631 could be a challenging environment for Section 8 voucher holders. Landlords in this area should consider the potential impact of the FMR on their rental income and the demand for affordable housing units. Given the high home values and the low percentage of renters, the ZIP code appears to be more stable than transitional, suggesting that any changes in the local real estate market will likely be gradual rather than sudden.
To summarize, ZIP 28631 presents a stable real estate market with high home values and a modest rental sector. The FMR of $1,130 provides a benchmark for rental pricing, but the absence of market rent data means investors should proceed with caution and possibly seek additional insights through local real estate agents or community organizations.
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.