Location: Haywood County, NC | Metro: Asheville, NC MSA
| 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 |
U.S. Census Bureau data (2024)
The median income in ZIP code 28743 stands at $58,011, which positions households to potentially afford the market rate rent of $569. However, when comparing this to the Fair Market Rent (FMR) standard set at $1,320 for voucher payments in fiscal year 2024, it becomes evident that the gap between what renters can afford and what the voucher program pays is significant. This discrepancy suggests a strong incentive for tenants to seek housing assistance through vouchers.
In ZIP 28743, with 24.2% of the 2,211 population being renters, there is a notable demand for affordable housing. The difference between the actual market rate and the FMR voucher payment means that landlords who accept vouchers could see higher rents compared to those relying solely on market-rate cash-paying tenants. For instance, a voucher covering up to $1,320 would be nearly double the current market rate of $569, making it an attractive option for property owners.
This scenario also indicates intense competition among landlords. Those who do not accept vouchers might find themselves competing against properties that do, as tenants look to leverage the additional financial support offered by the voucher program. Accepting vouchers can help landlords secure long-term, stable tenants while also benefiting from higher rental income.
The takeaway for landlords considering their strategy is clear: accepting vouchers can provide a competitive edge in securing tenants willing to pay closer to the $1,320 FMR standard, rather than the lower $569 market rate. This approach not only ensures better occupancy rates but also offers a more financially viable option given the local economic conditions.
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.