Location: Transylvania County, 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 |
|---|---|---|---|---|
| 2BR | $1,660 | $345,345 | 0.48% | F |
| 3BR | $2,010 | $487,038 | 0.41% | F |
| 4BR | $2,780 | $629,239 | 0.44% | F |
U.S. Census Bureau data (2024)
The classification of ZIP 28768, Pisgah Forest, NC, hinges on the balance between yield and stability. On the yield axis, the Federal Market Rent (FMR) for 2024 stands at $1560, which is notably higher than the market rent of $852. This indicates that properties in this area could potentially benefit from government subsidies, specifically through the Housing Choice Voucher program, if they qualify. The disparity between FMR and market rent suggests an opportunity for higher rental income, particularly when considering the average home value of $463,338.
Moving to the stability axis, the data reveals that only 14.5% of residents are renters, which is a low figure. This percentage implies that there might be limited demand for rental properties, which could affect the occupancy rate and thus the cash flow. Additionally, the median household income of $71,383 provides some insight into the economic health of the area but does not directly correlate with rental stability without knowing the typical rent-to-income ratio. The lack of data on days on market (DOM) further complicates assessing the ease of renting out properties.
Based on these figures, ZIP 28768 appears to be neither a high-yield/low-stability flip-style market nor a steady-cashflow zone. Instead, it occupies a middle ground. The potential for higher yields through FMR subsidies is significant, yet the low percentage of renters suggests a less stable market for traditional rentals. Landlords and small-portfolio investors should consider the subsidy opportunities carefully while also being prepared for lower demand and possibly longer vacancy periods.
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.