Section 8 Fair Market Rent (FMR) for ZIP 28701 - 2027

Location: Asheville, NC | Metro: Asheville, NC MSA

Investment Score for ZIP 28701

Monthly Rent (2BR)

$1,660

Median Price (2BR)

$322,363

1% Rule

0.51%

Annual Yield

6.18%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,300
1 Bedroom	$1,510
2 Bedrooms	$1,660
3 Bedrooms	$2,010
4 Bedrooms	$2,780
5 Bedrooms	$3,225
6 Bedrooms	$3,612
7 Bedrooms	$3,901
8 Bedrooms	$4,096

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,660	$322,363	0.51%	F
3BR	$2,010	$436,601	0.46%	F
4BR	$2,780	$605,343	0.46%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,786

Median Household Income

$108,125

Housing Units

1,935

Renter Percentage

13.5%

Occupancy Rate

88.4%

Renter Occupied

230

The ZIP code 28701, located in Alexander, North Carolina, is a suburban area that offers a blend of rural charm and urban convenience. It is situated near the city of Fayetteville, which provides ample opportunities for employment and commerce. This region is particularly interesting for real estate investors due to its unique mix of housing types and economic indicators.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 28701 for fiscal year 2024 is set at $1,720, indicating a moderate rental market that can support both residential and investment properties.
The average market rent for all property types, according to the Census American Community Survey (ACS), stands at $1,128. This figure reflects the overall affordability of the area and suggests that rental prices are competitive.
The median home value in this ZIP code is $424,690, which is higher than the national average, showing strong potential for appreciation in property values over time.
Renters make up 13.5% of the local housing market, suggesting a significant portion of residents own their homes. This low renter share implies a stable community with long-term homeownership trends.
The median household income in ZIP 28701 is $108,125, which is above the national median and indicates a robust local economy capable of supporting higher rents and property values.
Unfortunately, the data on days on the market (DOM) for rentals is currently unavailable, making it difficult to assess how quickly properties are leased in this area.

Synthesizing these points, investors should note that while the renter share is relatively low, the high median income and FMR suggest that there is still demand for quality rental properties. The competitive market rent and the potential for property value appreciation make ZIP 28701 a viable option for those looking to invest in a stable suburban market. However, without specific data on how quickly properties are leased, investors should be cautious about the timing of their investments and ensure they have a solid understanding of the local rental dynamics before proceeding.

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.