Location: Hickory-Lenoir-Morganton, NC | Metro: Hickory-Lenoir-Morganton, NC MSA
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 | $1,440 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,560 |
| 5 Bedrooms | $2,970 |
| 6 Bedrooms | $3,326 |
| 7 Bedrooms | $3,592 |
| 8 Bedrooms | $3,772 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,100 | $344,138 | 0.61% | D |
| 4BR | $2,560 | $1,029,564 | 0.25% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 28682 presents a dynamic environment that balances between supply and demand, though leans slightly towards demand pressure. With a Fair Market Rent (FMR) set at $1590 for the fiscal year 2024, and the Zillow Observed Rent Index (ZORI) indicating a market rent of $1,689, it suggests that rental prices are marginally above the government's fair market assessment. This gap indicates a slight premium on rentals, signaling a market where demand might be slightly outpacing supply.
The low price-cut share of 0.2% implies that landlords and property owners are generally not needing to reduce their asking rents to attract tenants, further supporting the notion of a balanced market with a slight tilt towards demand. The median home value of $537,206 reflects a relatively stable housing market, where property values have remained consistent, suggesting that homeownership is still a viable option for many residents.
A 11.8% renter share in the area highlights that while the majority of the population prefers homeownership, there is a notable segment of renters. This percentage suggests that long-term housing pressure could be a concern, especially if the trend towards renting continues or increases. As the renter share grows, so too might the competition for rental properties, which could drive up rental prices and potentially increase the demand for new rental units.
In summary, ZIP 28682 appears to be a market where demand is steady, and rental prices are slightly higher than the FMR. The low price-cut share and median home value suggest a stable but somewhat competitive rental market. Landlords and small-portfolio investors should remain vigilant to these dynamics and consider how changes in the renter share could impact future market conditions.
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.