Location: Wilkes County, NC | Metro: Wilkes County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
15.7% of the population in ZIP 28685 are renters, indicating a moderate demand for rental properties. The $930 Fair Market Rent (FMR) set for the metro area in fiscal year 2026 provides a benchmark for rental pricing, which is notably higher than the $776 average market rent reported by the Census ACS. This suggests that there's potential for landlords to increase rents closer to the FMR without significantly deterring tenants.
$186,894 is the median home value in the area, reflecting a stable housing market. However, the $46,406 median income indicates that many residents may struggle to afford homeownership, further supporting the demand for rental units. Given the discrepancy between the median income and home values, it's clear that a significant portion of the population will continue to rely on rentals, making investment in this sector a prudent choice.
The absence of data regarding days on market (DOM) and the percentage of price-cut shares suggests that the real estate market in ZIP 28685 is relatively stable, with few properties remaining unsold for extended periods or requiring price adjustments. This stability can be advantageous for small-portfolio investors looking for consistent returns.
In conclusion, the $930 FMR represents a realistic target for rental rates, given the $776 current market rent and the $46,406 median income. With 15.7% of the population renting and a median home value of $186,894, the rental market appears robust. Therefore, participation in the Section 8 program, which guarantees timely rent payments at the $930 FMR, is advisable for landlords and small-portfolio investors seeking stable and predictable cash flows.
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.