Location: Hickory-Lenoir-Morganton, NC | Metro: Hickory-Lenoir-Morganton, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
The Fair Market Rent (FMR) for ZIP code 28680 in fiscal year 2024 is set at $960. This figure represents the maximum amount that a landlord can charge for a Section 8 rental property in this area. It's important to note that this is not the rent you'll receive; it's the payment standard used by the Housing Choice Voucher program to determine the subsidy amount.
While the local median rent for ZIP 28680 is listed as N/A, the FMR provides a benchmark for what is considered fair and reasonable in the market. If your property is priced below $960, you might still be able to attract tenants through the Section 8 program, but your actual rent will be determined by the tenant's portion plus the government subsidy.
The N/A% of renters in ZIP 28680 indicates the proportion of households that rely on rental housing. This percentage reflects the demand for rental properties, suggesting that there is a significant need for affordable housing in the area. The higher this percentage, the greater the potential for finding tenants who qualify for Section 8 assistance.
When acquiring a property for a Section 8 rental, consider the N/A price range for homes in ZIP 28680. This will help you understand the initial investment required. Remember, the FMR does not cover all expenses, so ensure that the $960 covers your costs, including maintenance, utilities, and other expenses.
Before finalizing your decision to enter the Section 8 market, verify that your property meets the minimum standards for habitability as defined by HUD. These standards include things like safe electrical wiring, proper heating, and functional plumbing. Ensuring compliance with these standards upfront will save you time and money in the long run.
In conclusion, the FMR of $960 sets the ceiling for what you can charge as a landlord in ZIP 28680 under the Section 8 program. With the local demand for rentals indicated by the N/A% of renters, there is potential for finding qualified tenants. However, make sure your property meets HUD's minimum requirements to avoid future complications.
Data Sources: FMR data from HUD (2027).
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.