Location: Polk County, NC | Metro: Polk 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 | $800 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $302,346 | 0.35% | F |
| 3BR | $1,480 | $405,627 | 0.36% | F |
| 4BR | $1,790 | $601,744 | 0.3% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 28722 (Tryon, NC, Polk County, NC metro) does not favor landlords. The Fair Market Rent (FMR) for the area in fiscal year 2026 is set at $1,030, significantly below the current market rent of $1,863 according to Census ACS data. This discrepancy means that landlords who rely on the FMR to set their rents will be leaving money on the table.
Acquisition in this area is relatively affordable with a median home value of $342,772. However, the lack of data on days on market (DOM) and the low percentage of homes requiring price cuts (0.2%) suggests that the housing market is stable but not particularly liquid. Landlords should consider the potential for slower sales if they need to divest properties quickly.
Tenant demand in ZIP 28722 is modest. With a total population of 6,086 and a renter share of 30.6%, landlords can expect a steady but limited pool of tenants. This indicates that while there is demand, it is not overwhelming, and competition among rental properties could be significant.
In summary, while the acquisition cost is reasonable at $342,772 for the median home, the mismatch between the FMR and market rent makes the economics challenging for landlords. Additionally, the limited tenant base of 1,864 renters (30.6% of 6,086) means that landlords must be prepared for a competitive rental environment. The verdict is that ZIP 28722 offers a balanced opportunity for landlords willing to navigate the economic challenges and limited tenant pool, but those looking for high returns or a large tenant market should look elsewhere.
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.