Section 8 Fair Market Rent (FMR) for ZIP 28633 - 2027

FY 2027 Fair Market Rent Rates

ZIP code 28633, located in Lenoir, NC, represents a modest-sized community with 13,633 residents. The neighborhood is characterized by a working-class earning profile, with a median household income of $43,633. Despite being slightly below the state average, this area offers a more affordable cost of living compared to national standards.

The median home value in Lenoir, NC is $207,954, reflecting a moderate housing market. The median rent stands at $1,212, which is notably higher than the Fair Market Rent (FMR) of $920 for the zip code in fiscal year 2024. This discrepancy suggests that the rental market in 28633 is somewhat robust, potentially due to limited supply or higher demand.

Given these economic parameters, ZIP 28633 appears to be a suitable location for both hands-off voucher operators and hands-on value-add buyers. Voucher operators can leverage the FMR to offer affordable housing options, while value-add buyers might find opportunities to improve properties and command higher rents, given the existing market rates.

However, the unemployment rate in Lenoir is 9.7%, which is above the national average, indicating potential economic challenges. This factor should be considered when evaluating the stability and growth prospects of rental investments in the area.

In summary, ZIP 28633 offers a balanced environment for real estate investment, particularly for those interested in the Section 8 program. With a median rent exceeding the FMR, there is a clear opportunity for both passive and active investors to engage effectively in the local market.

Data Sources: FMR data from HUD (2027).

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.