Location: Asheville, NC | Metro: Asheville, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,340 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,820 |
| 5 Bedrooms | $3,271 |
| 6 Bedrooms | $3,664 |
| 7 Bedrooms | $3,957 |
| 8 Bedrooms | $4,155 |
U.S. Census Bureau data (2024)
The ZIP code 28735 presents a unique challenge for both renters and landlords due to limited data on median income and market rates. However, with the Federal Market Rate (FMR) set at $1390 for fiscal year 2024, we can analyze the situation based on this figure.
Given the FMR of $1390, it serves as a benchmark for what households might be able to afford through housing vouchers. This amount is the maximum that the government will pay to landlords for eligible tenants, assuming the voucher covers the entire rent amount.
The low number of renters—only 0.0%—and the small population of 124 indicate a highly competitive market for landlords. In such a scenario, the affordability gap becomes significant. If the market rate exceeds $1390, then households relying solely on vouchers may struggle to find suitable rental properties. Conversely, if the market rate is below or equal to $1390, it could suggest a balanced situation where voucher payments cover the cost of renting.
For landlords considering their strategy, focusing on voucher tenants may provide a steady stream of guaranteed income, albeit at the lower end of the market rate spectrum. Cash-paying tenants, while potentially offering higher rents, would be fewer in number given the demographic constraints of the area.
The takeaway for landlords is clear: ZIP 28735's small size and low renter percentage mean competition is fierce. Accepting voucher tenants ensures a reliable income source, aligning with the FMR of $1390. For those willing to take a risk, cash-paying tenants could yield better returns but require careful targeting of the local market dynamics to succeed.
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.