Location: Iredell County, NC | Metro: Iredell County, NC HUD Metro FMR Area
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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,630 | $345,907 | 0.47% | F |
U.S. Census Bureau data (2024)
To incorporate ZIP 28660 into a Section 8 portfolio strategy, it is best suited as a cash-flow anchor. This designation is based on the financial metrics available for the area.
The Fair Market Rent (FMR) for ZIP 28660 in fiscal year 2024 is set at $1000. Comparatively, the current market rent stands at $1,073, which indicates a slight premium over the FMR. However, the median home value in this ZIP code is $353,619, suggesting that it is a stable residential area where property values are unlikely to plummet.
A cash-flow anchor typically refers to properties that provide consistent and reliable rental income. In ZIP 28660, the close alignment between the FMR and the market rent, along with the moderate median home value, supports this role. Landlords can expect steady cash flows without the volatility often associated with higher-priced markets. The relatively low gap between the FMR and market rent ($73) ensures that properties are affordable for tenants receiving Section 8 vouchers while still generating sufficient income to cover operational costs and maintain profitability.
While appreciation plays and diversifiers are important components of a balanced real estate investment strategy, ZIP 28660 does not offer compelling data in these areas. There is no significant percentage of price-cut share or days on market (DOM) to suggest rapid appreciation, and although the 32.9% renter share and median income of $77,278 provide some diversity benefits, these factors do not outweigh the stability and cash flow advantages offered by the area's current metrics.
In conclusion, ZIP 28660 serves as an effective cash-flow anchor within a Section 8 portfolio. Its modest market rent premium over the FMR, combined with a stable median home value, makes it a reliable choice for landlords seeking consistent returns on their investments.
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.