Location: Iredell County, NC | Metro: Iredell County, NC HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The potential risks for investing in Section 8 housing in ZIP 28677 in Statesville, NC, include significant tenant turnover due to the gap between the market rent of $1,448 and the Fair Market Rent (FMR) of $1,020 for FY 2024. This disparity can lead to frequent changes in occupancy, which may affect property stability and increase management costs. Additionally, vacancy exposure is a concern, as the days on market (DOM) data is currently unavailable, indicating that it might be challenging to predict how long a unit will remain vacant. The deferred maintenance risk is also notable, considering the typical home value of $279,962 and a median income of $62,406. These figures suggest that residents may struggle to afford necessary repairs and maintenance, leading to potential wear and tear issues that landlords must address.
Despite these challenges, the high renter share of 32.7% in ZIP 28677 provides a robust foundation for Section 8 investments. A large proportion of renters typically translates into higher demand for subsidized housing, ensuring a steady pool of potential tenants. This demand helps mitigate the risk of vacancy and ensures a consistent flow of rental income, even if it's at the lower FMR rate rather than the market rate.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.