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 | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $224,811 | 0.45% | F |
| 3BR | $1,270 | $274,439 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 28683, located in Thurmond, North Carolina, presents an interesting scenario when analyzed from the perspective of renters. The median income for households in this area is $45,423, according to the latest Census ACS data. This figure places significant constraints on what a typical household can afford in terms of monthly rent.
With a market rate of $651 per month, it might seem reasonable at first glance. However, when considering the broader financial landscape, the reality is more nuanced. A household earning the median income would struggle to meet this cost while also covering other essential expenses such as food, healthcare, and transportation. Typically, housing costs should not exceed 30% of a household's income to be considered affordable. In this case, $651 represents approximately 34% of the median income, which already exceeds the recommended threshold.
To further complicate matters, the Fair Market Rent (FMR) for the metro area, as set for fiscal year 2026, stands at $930. This amount is significantly higher than the current market rate, indicating a substantial affordability gap. It suggests that many renters in Thurmond may find even the market rate challenging, let alone the FMR.
The ZIP code has a rental population of 1,614, with 21.9% of residents being renters. This means that landlords face competition not only from each other but also from the limited financial capacity of potential tenants. Landlords who solely rely on cash-paying tenants may find themselves with fewer viable options, as the majority of renters cannot afford the FMR without assistance.
Given these conditions, landlords in ZIP 28683 must consider the benefits of accepting Section 8 vouchers. Vouchers provide a guaranteed source of income based on the FMR, which covers a larger portion of the rent compared to what most cash-paying tenants can afford. By accepting vouchers, landlords can tap into a segment of the market that is otherwise unable to pay the full market rate, thereby increasing their chances of maintaining occupancy rates and steady income.
In conclusion, the affordability gap in Thurmond, NC, highlights the importance of diversifying tenant acquisition strategies. Landlords should seriously consider accepting Section 8 vouchers as part of their rental offerings. This approach will not only help them secure reliable tenants but also align with the financial realities faced by many in the area.
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.