Location: Hickory-Lenoir-Morganton, NC | Metro: Lincoln 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 | $1,360 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $1,980 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,620 | $496,751 | 0.33% | F |
| 3BR | $1,980 | $463,574 | 0.43% | F |
| 4BR | $2,410 | $622,263 | 0.39% | F |
U.S. Census Bureau data (2024)
The ZIP code 28673, located in Sherrills Ford, NC, has a population of 6,874 residents. With only 17.1% of the population being renters, it is evident that this area is predominantly dominated by homeowners rather than renters. This homeowner-dominated landscape means that the demand for rental properties using Section 8 vouchers is relatively scarce.
The median household income in this ZIP code is a substantial $99,688. The typical market rent stands at $1,953, which equates to approximately 20% of the local median income. This percentage indicates that while rent is a significant expense, it remains manageable for most households given their income levels. In comparison, the Fair Market Rent (FMR) for the area, set at $1,520 for FY 2024, is lower than the actual market rent, suggesting that properties renting above this FMR might struggle to attract tenants utilizing Section 8 vouchers.
A landlord in ZIP 28673 can expect to encounter tenants who are likely to be financially stable but may not have access to Section 8 vouchers due to the limited demand in the area. These tenants would typically seek out market-rate rentals and would be able to afford the higher rents compared to the FMR. Given the low percentage of renters and the high median income, landlords should focus on attracting tenants who value the amenities and quality of life that Sherrills Ford offers, rather than those seeking subsidized housing options.
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.