Location: Transylvania County, NC | Metro: Asheville, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,800 |
| 1 Bedroom | $2,090 |
| 2 Bedrooms | $2,270 |
| 3 Bedrooms | $2,700 |
| 4 Bedrooms | $3,780 |
| 5 Bedrooms | $4,385 |
| 6 Bedrooms | $4,911 |
| 7 Bedrooms | $5,304 |
| 8 Bedrooms | $5,569 |
U.S. Census Bureau data (2024)
The potential pitfalls for a Section 8 landlord in ZIP code 28759, Mills River, NC, are significant. First, tenant turnover could be a major issue due to the substantial difference between the market rent of $2,825 and the Fair Market Rent (FMR) set at $1,760 for FY 2024. This discrepancy may lead to tenants leaving when they can afford higher rents elsewhere. Second, vacancy exposure is a concern because the days on market (DOM) is listed as N/A, suggesting a lack of recent data which could indicate either an unusually quick rental process or a slow one. Lastly, deferred maintenance poses a risk given the typical home value of $533,105 compared to the median income of $107,609. Landlords must be prepared to invest significantly in property upkeep without a corresponding increase in rent.
However, these risks are balanced by the high renter share of 13.8%, which typically correlates with a greater demand for housing vouchers. This suggests that there will likely be a steady pool of potential tenants who qualify for Section 8, mitigating some of the risk associated with finding and retaining tenants.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.