Location: Wilkes County, NC | Metro: Iredell County, NC HUD Metro FMR Area
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 | $920 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,420 | $374,501 | 0.38% | F |
U.S. Census Bureau data (2024)
The ZIP code 28689 stands out due to its unique combination of demographic and economic factors. With a total of 2,188 residents, it has a relatively low population density, yet 27.0% of those residents are renters. The median income in this area is $70,565, which places it above the national average, indicating a financially stable community. However, the median home value of $352,188 suggests that homeownership is quite expensive, potentially limiting opportunities for first-time buyers.
Moving into the specifics of voucher economics, the Fair Market Rent (FMR) for ZIP 28689 in fiscal year 2024 is set at $940. This figure is notably higher than the market rent, which is estimated at $900 according to Census ACS data. This discrepancy means that landlords who accept Section 8 vouchers can expect to receive slightly more than the typical market rate, providing a modest financial incentive.
In terms of stability, the data signature for ZIP 28689 indicates a stable environment. The median income is healthy, and the rental percentage is consistent with other similar areas. Moreover, the slight increase in FMR over market rates suggests that the housing assistance program is calibrated to support both tenants and landlords effectively. Landlords should find the current situation favorable for maintaining steady occupancy and rental income levels without significant risk of vacancy or delinquency.
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.