Location: Ashe County, NC | Metro: Ashe County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 28693 reveals a significant gap between the Fair Market Rent (FMR) set at $1,120 for the fiscal year 2026 and the actual market rent reported at $1,094 based on Census ACS data. This discrepancy amounts to a difference of $26, which translates to approximately 2.36% of the FMR. Given that the FMR exceeds the market rent, landlords and small-portfolio investors can leverage this situation to their advantage.
The higher FMR compared to the market rent means that voucher tenants can provide a stable and predictable income stream for properties in this area. This makes the ZIP code a prime candidate for a yield play strategy. With only 12.3% of residents being renters, there is less competition for rental units, allowing landlords to potentially command rents closer to the FMR. The median home value of $269,796 and median income of $62,596 suggest that while the area is not impoverished, it still has a substantial portion of residents who rely on assistance to afford housing. Therefore, the demand for affordable rental units supported by Section 8 vouchers is likely to remain steady.
Landlords should be aware that accepting voucher tenants comes with certain responsibilities and regulations. However, the financial benefits are clear: receiving $1,120 per month through the voucher program is above the current market rate, ensuring a higher return on investment. Additionally, the reliability of government-backed payments reduces the risk of non-payment compared to open-market tenants.
In summary, the gap between the FMR and market rent in ZIP 28693 creates an opportunity for landlords and small-portfolio investors to maximize their yields by participating in the Section 8 program. The demographic context supports this strategy, indicating a viable and stable market for subsidized rentals.
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.