Location: Wilkes County, NC | Metro: Wilkes County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,370 |
| 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)
A skeptical investor might question whether the Fair Market Rent (FMR) of $940 for ZIP 28649 will adequately cover the mortgage on a typical home. Unfortunately, the data does not provide the average home price for ZIP 28649 directly. However, it's worth noting that Zillow reports 45 homes for sale in the area, indicating an active market. To accurately assess the mortgage coverage, one would need to know the average home value and prevailing mortgage rates.
The rental market demand in ZIP 28649 stands at 28.0%. This percentage reflects the proportion of the population that is likely to be renters. Trulia lists 82 rental properties in the area, suggesting a reasonable level of demand. While the 28.0% figure might seem low compared to other regions, it still represents a significant number of potential tenants given the population size. It's important to consider that the demand can vary based on the types of properties available and their amenities.
The skepticism over whether housing vouchers will keep pace with the market rents, which are currently at $567, is valid. According to the data from zip-codes.com, ZIP 28649 has 936 residents and 420 households, with an average of 2.23 persons per household. The median age of 50.3 years is notably higher than both the state and national averages, which could imply a different demographic makeup. However, the specific utilization rate of housing vouchers in this ZIP code is not provided in the data. To make a comprehensive assessment, one would need to examine the local housing authority's statistics on voucher issuance and usage trends.
In conclusion, while the data provides insights into the rental market and population demographics of ZIP 28649, it lacks crucial details such as the average home price and exact voucher utilization rates. These missing pieces are necessary to fully address the investor's concerns regarding mortgage coverage and the adequacy of vouchers relative to market rents.
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.