Location: Wilkes County, NC | Metro: Surry 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 | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $190,048 | 0.53% | F |
| 3BR | $1,250 | $273,992 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 28676, located in Elkin, NC within Surry County, stands out due to its unique demographic and economic characteristics. With a population of 3,100 residents, 19.6% of whom rent their homes, it has a median income of $60,833. The median home value in this area is notably higher at $249,716, reflecting a mix of affordable and slightly upscale housing options.
Moving into the specifics of Section 8 housing, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $930. This is significantly higher than the current market rent of $690, as reported by the Census Bureau's American Community Survey (ACS). This discrepancy suggests that landlords in ZIP 28676 could potentially benefit from participating in the Section 8 program, as they would receive a higher rental rate compared to the local market average.
When analyzing the overall stability of ZIP 28676 based on the available data, it appears to be a relatively stable area. The median income is above the national average, indicating financial health among its residents. Additionally, the median home value suggests a robust real estate market with a good balance between affordability and property appreciation. However, the significant gap between the FMR and the actual market rent also points towards a transitional phase where government assistance is making up for the difference between what the market offers and what is considered fair for the area. This dynamic can attract more renters and potentially increase demand for rental properties, benefiting both landlords and small-portfolio investors looking to capitalize on the Section 8 program.
To summarize, ZIP 28676 presents a mix of stable demographics and transitional economics driven by the Section 8 housing vouchers. Landlords can expect to receive a higher rental rate through the Section 8 program, which could offset any potential risks associated with tenant turnover or maintenance costs typically linked to such programs. The data indicates a promising opportunity for those willing to engage with the Section 8 system in this part of North Carolina.
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.