Section 8 Fair Market Rent (FMR) for ZIP 28641 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$780
1 Bedroom	$820
2 Bedrooms	$1,010
3 Bedrooms	$1,340
4 Bedrooms	$1,530
5 Bedrooms	$1,775
6 Bedrooms	$1,988
7 Bedrooms	$2,147
8 Bedrooms	$2,254

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$N/A

Housing Units

Renter Percentage

100.0%

Occupancy Rate

100.0%

Renter Occupied

ZIP 28641 in Jonas Ridge, NC, is a renter-heavy area with a significant portion of residents relying on housing vouchers. Given that 100% of the population are renters, there is a strong demand for Section 8 tenants. The HUD Fair Market Rent (FMR) for the 28641 ZIP code in fiscal year 2024 is $960 for a two-bedroom apartment. This aligns closely with the average market rent for similar units.

For landlords, the rental rates for various bedroom types in 2024 are as follows:

Efficiency: $684 to $836, averaging $760.
One-bedroom: $711 to $869, averaging $790.
Two-bedroom: $864 to $1,056, averaging $960.
Three-bedroom: $1,116 to $1,364, averaging $1,240.
Four-bedroom: $1,287 to $1,573, averaging $1,430.

The FMR for a two-bedroom apartment is $960, which represents the average market rent. With 100% of the population being renters, it's evident that typical rent consumes a substantial portion of local incomes, though exact percentages cannot be calculated due to the lack of median household income data.

A landlord in ZIP 28641 should expect tenants who are likely to be heavily reliant on housing vouchers. These tenants will have limited disposable income beyond rent and utilities, making them particularly sensitive to changes in voucher amounts. Landlords should ensure that their rental properties meet the quality standards required for participation in the Section 8 program to attract and retain these tenants effectively.

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.