Location: Asheville, NC | Metro: Asheville, NC MSA
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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,010 | $317,716 | 0.63% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 28726 in the Asheville, NC MSA reveals several key insights for landlords and small-portfolio investors.
The rent math does not work favorably for landlords. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1420, whereas the market rent based on Census ACS data is significantly lower at $976. This disparity indicates that landlords might struggle to cover their costs if they aim to align with the market rate, as it falls below the benchmark set by the FMR.
Acquisition in this area is moderately affordable. With a median home value of $298,418, purchasing properties remains within reach for many investors. However, the lack of data on days on market (DOM) and the percentage of homes that require price cuts suggests that there may be inefficiencies or uncertainties in the local real estate market that could impact investment decisions.
Tenant demand is present but limited. The zip code has a population of 4,363, with 38.9% of residents being renters. This share implies that there is a reasonable pool of potential tenants, although the total number is relatively small, which could affect the ability to quickly fill vacancies.
Verdict: Investing in ZIP code 28726 presents a mixed picture. While tenant demand exists, the significant gap between the FMR and actual market rents poses a challenge for profitability. Additionally, the median home value suggests that acquisitions are feasible, but the absence of detailed market performance indicators introduces some risk. Investors should proceed with caution, carefully considering these factors before committing capital to the area.
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.