Location: Wilkes County, NC | Metro: Wilkes 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 | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,020 | $190,995 | 0.53% | F |
| 3BR | $1,370 | $299,825 | 0.46% | F |
| 4BR | $1,570 | $422,630 | 0.37% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 28697, which includes Wilkesboro, North Carolina, is set at $930 per month for the fiscal year 2026. This figure represents the payment standard for Section 8 housing vouchers in the area, meaning it's the maximum amount that landlords can receive from the government for renting a unit to a tenant participating in the program. It's important to note that this is not the rent you'll charge your tenants; it's the reimbursement limit.
To put this into perspective, the average rent in ZIP 28697, based on recent Census Bureau American Community Survey (ACS) data, is approximately $768 per month. This indicates that the FMR is higher than the typical market rate, potentially offering a financial advantage to landlords who participate in the Section 8 program.
The demand for rental properties in this area is substantial, with 33.3% of residents being renters. This high percentage suggests a steady pool of potential tenants, many of whom might be eligible for Section 8 assistance. However, the acquisition cost of a property in ZIP 28697 is relatively low compared to other areas, averaging around $273,366. This makes it a feasible investment for those looking to enter the rental market without requiring a large upfront capital outlay.
Before committing to a Section 8 rental, there is one crucial step you must take: verify the condition of the property against HUD's Housing Quality Standards (HQS). These standards ensure that the rental units meet certain safety and habitability criteria. If your property does not meet these requirements, it will not be eligible for the program, and you will need to make necessary improvements before proceeding.
In summary, while the FMR of $930 provides a solid reimbursement limit, the actual average rent of $768 shows that there is room for profit. With a significant portion of the population renting and an affordable entry price point, Section 8 rentals in ZIP 28697 can be a sound investment strategy. Just remember to confirm that your property meets HQS guidelines before finalizing any deals.
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.