Section 8 Fair Market Rent (FMR) for ZIP 28636 - 2027

Location: Hickory-Lenoir-Morganton, NC | Metro: Iredell County, NC HUD Metro FMR Area

Investment Score for ZIP 28636

N/A

Monthly Rent (2BR)

$1,210

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	$1,060
1 Bedroom	$1,100
2 Bedrooms	$1,210
3 Bedrooms	$1,630
4 Bedrooms	$2,030
5 Bedrooms	$2,355
6 Bedrooms	$2,638
7 Bedrooms	$2,849
8 Bedrooms	$2,991

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	$1,630	$290,926	0.56%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,496

Median Household Income

$65,435

Housing Units

1,958

Renter Percentage

20.4%

Occupancy Rate

95.0%

Renter Occupied

379

The ZIP code 28636, located in North Carolina, presents a stable market for real estate investment, particularly for those interested in Section 8 properties. This area benefits from a mix of rental and homeownership opportunities, making it attractive for various types of investors.

The Fair Market Rent (FMR) for ZIP 28636 in fiscal year 2024 is set at $1020, which indicates the maximum amount that a Section 8 voucher holder can pay towards their housing costs.
The market rent, as per Census ACS data, stands at $761. This figure suggests that the average rent in the area is below the FMR, potentially leaving room for profit margins for landlords.
The median home value in the area is $235,075, providing insight into the overall property values and the potential resale market for homes.
Renters make up 20.4% of the population, indicating a significant portion of residents who rely on rental housing, including those who might use Section 8 vouchers.
The median income for residents is $65,435, which is a key factor in determining the financial stability of potential tenants and their ability to afford higher rents.

In summary, ZIP 28636 offers a balanced real estate market with a favorable gap between the market rent and the FMR, suggesting profitability for landlords accepting Section 8 vouchers. The median home value indicates a moderate investment cost, while the median income supports tenant reliability. With a notable share of renters, there is a consistent demand for rental properties, making it a viable area for both short-term and long-term investments in the rental sector.

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.