Section 8 Fair Market Rent (FMR) for ZIP 28666 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$980
1 Bedroom	$980
2 Bedrooms	$1,160
3 Bedrooms	$1,420
4 Bedrooms	$1,730
5 Bedrooms	$2,007
6 Bedrooms	$2,248
7 Bedrooms	$2,428
8 Bedrooms	$2,549

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

273

Median Household Income

$N/A

Housing Units

Renter Percentage

N/A

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 28666, located in North Carolina, offers a unique opportunity for real estate investors interested in the Section 8 housing market. This area is characterized by its low renter share, indicating a primarily owner-occupied community. However, the presence of federal guidelines for Fair Market Rent (FMR) suggests that there is still a segment of the population eligible for housing assistance.

The Fair Market Rent (FMR) for ZIP 28666 in fiscal year 2024 is set at $960. This figure represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program.
The median home value in the area is currently listed as N/A, which means there isn't enough data to determine an accurate median value. This could be due to a small sample size or recent changes in the housing market.
The percentage of renters in ZIP 28666 is 0.0%, suggesting that most residents own their homes rather than renting. This low renter share indicates a potentially smaller pool of tenants for landlords looking to participate in the Section 8 program.
The Days on Market (DOM) for properties in this ZIP is listed as N/A, which might imply that sales data is sparse or not regularly updated, making it difficult to assess how quickly homes are selling.
The median household income for the area is also listed as N/A, which makes it challenging to gauge the economic health of the community and the potential demand for subsidized housing.

Given the available data, the primary takeaway for investors is that while there is a defined fair market rent, the limited data on median home values, days on market, and median income creates uncertainty about the overall market dynamics. The low renter share suggests that landlords should focus on attracting owner-occupiers or look into other ZIP codes with higher rental activity to ensure a steady stream of Section 8 tenants. Additionally, the absence of specific market rent figures indicates that landlords must rely on the FMR to guide their pricing strategy, potentially limiting their ability to adjust rents based on local conditions.

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.