Location: Swain County, NC | Metro: Graham 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 | $900 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $259,493 | 0.4% | F |
| 3BR | $1,340 | $364,430 | 0.37% | F |
U.S. Census Bureau data (2024)
ZIP code 28702, located within Swain County, NC, presents an interesting mix of characteristics when compared against typical ZIP codes within the same county. The Fair Market Rent (FMR) for 28702 stands at $940 for fiscal year 2026, slightly above the market rent figure of $906. This suggests that the area might be experiencing some upward pressure on rental prices, possibly due to demand exceeding supply.
The median home value in 28702 is listed at $268,477. This is indicative of a mid-tier neighborhood within the county, as it aligns with average home values but does not exceed them significantly. It also does not fall below average, suggesting a stable and moderately priced housing market.
A notable aspect of 28702 is its relatively high renter share of 36.7%. This is higher than the national average and can signal a strong potential for rental investments. However, the home values being below the metro average while having a high renter share could indicate that this ZIP code is attractive for Section 8 tenants. This combination often points to areas where rental properties are subsidized, making them more affordable for low-income residents.
To determine if 28702 is a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we need to consider the overall context. Given the FMR is above the market rent and the home values are below the metro average, 28702 leans towards being a value pocket. Landlords and small-portfolio investors should find this ZIP code appealing due to its balance of rental income potential and affordability.
The high renter share in 28702, combined with lower home values, can be seen as a positive indicator for those interested in Section 8 properties. It suggests that there is a significant portion of the population relying on government assistance for housing, which can provide a steady stream of tenants for rental properties. This makes 28702 a strategic choice for investors looking to capitalize on the demand for affordable housing without taking on the risk associated with premium sub-markets.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.