Location: Wilkes County, NC | Metro: Wilkes County, NC
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $201,631 | 0.5% | F |
| 3BR | $1,360 | $276,226 | 0.49% | F |
U.S. Census Bureau data (2024)
23.1% of residents in ZIP 28651, Millers Creek, NC, are renters, indicating a significant demand for rental properties. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $930, which is notably higher than the $695 average market rent reported by the Census Bureau's American Community Survey. This gap suggests potential for landlords to increase rents without significantly deterring tenants. However, the median home value stands at $230,015, reflecting a relatively stable housing market where property values have not inflated to extreme levels. With a median income of $61,623, tenants can reasonably afford the FMR without excessive strain on their finances, assuming typical household spending patterns. Unfortunately, data on days on market (DOM) and the percentage of homes that have been price-cut is not available, which could provide further insight into the local real estate dynamics. Despite this lack of detail, the disparity between the FMR and the actual market rent, coupled with the manageable median home value, points to a favorable environment for landlords and small-portfolio investors. The Section 8 program, which aims to provide affordable housing assistance, operates within these parameters, making it a viable option for those looking to secure steady rental income. In conclusion, given the favorable rent-to-income ratio and the presence of a substantial renter population, ZIP 28651 remains a good candidate for Section 8 participation.
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.