Location: Hickory-Lenoir-Morganton, NC | Metro: Hickory-Lenoir-Morganton, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 28671 stands out due to its unique characteristics, including a relatively small population of 375 residents, with 44.3% of them being renters. Despite the lack of data on median home value, the median income for the area is reported at $73,929, indicating a moderate economic status among its inhabitants.
In terms of Section 8 housing assistance, the Fair Market Rent (FMR) for ZIP 28671 in fiscal year 2024 is set at $960. This figure is crucial for landlords and small-portfolio investors as it determines the maximum rental amount that can be charged for a Section 8 unit. However, the absence of specific market rent data makes it challenging to compare the FMR against typical rental prices in the area. Given the limited information available, it is difficult to ascertain how competitive the FMR is relative to the local market.
The data signature for ZIP 28671 suggests a transitional environment. With nearly half of the residents renting and a defined FMR, there is an ongoing reliance on rental housing and government subsidies. The small population size implies that changes in the number of renters or shifts in the economy could significantly impact the local rental market dynamics. For investors considering Section 8 properties in this ZIP code, it's important to monitor local economic trends and the availability of housing vouchers to gauge future stability or further transitions in the market.
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.