Section 8 Fair Market Rent (FMR) for ZIP 28709 - 2027
Location: Asheville, NC | Metro: Asheville, NC MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,720 |
| 1 Bedroom | $1,990 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $2,590 |
| 4 Bedrooms | $3,620 |
| 5 Bedrooms | $4,199 |
| 6 Bedrooms | $4,703 |
| 7 Bedrooms | $5,079 |
| 8 Bedrooms | $5,333 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$N/A
Housing Authorities Serving ZIP 28709
To determine if you should invest in ZIP 28709 (Barnardsville, NC) for Section 8 properties, follow these steps:
- Step 1: Can FMR of $1510 cover debt service on a $355,810 property?
- No. The Fair Market Rent (FMR) of $1510 for ZIP 28709 in fiscal year 2024 does not clear the debt service on a property valued at $355,810. Debt service typically includes mortgage payments, property taxes, insurance, and maintenance costs, which would likely exceed $1510 per month.
- Step 2: Is the market rent above, at, or below the FMR?
- N/A. There is insufficient data to determine the relationship between market rent and the FMR in ZIP 28709. Without this information, it's impossible to gauge how competitive the FMR is against the local rental market.
- Step 3: Is there enough demand with 24.3% renters and N/A-day days on the market?
- It depends. With 24.3% of residents being renters, there is some demand for rental properties in Barnardsville. However, without knowing the average number of days on the market (DOM), it's difficult to assess the speed at which rental units are occupied. A low DOM suggests strong demand, while a high DOM indicates weaker demand.
In conclusion, based on the available data, ZIP 28709 is not a financially viable option for landlords seeking to purchase properties for Section 8 tenants due to the low FMR relative to property value. Additionally, the lack of information on market rent and days on the market makes it challenging to fully evaluate the investment potential.
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.