Section 8 Fair Market Rent (FMR) for ZIP 28774 - 2027

Location: Transylvania County, NC | Metro: Jackson County, NC

Investment Score for ZIP 28774

Monthly Rent (2BR)

$1,830

Median Price (2BR)

$356,926

1% Rule

0.51%

Annual Yield

6.15%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,530
1 Bedroom	$1,560
2 Bedrooms	$1,830
3 Bedrooms	$2,370
4 Bedrooms	$2,610
5 Bedrooms	$3,028
6 Bedrooms	$3,391
7 Bedrooms	$3,662
8 Bedrooms	$3,845

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,560	$213,802	0.73%	D
2BR	$1,830	$356,926	0.51%	F
3BR	$2,370	$753,531	0.31%	F
4BR	$2,610	$1,429,642	0.18%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,451

Median Household Income

$154,635

Housing Units

2,859

Renter Percentage

11.4%

Occupancy Rate

24.6%

Renter Occupied

Sapphire, North Carolina, located in the zip code 28774, is a part of a region known for its high median home values and relatively low renter share. This analysis delves into the key metrics that define the rental and housing market in Sapphire, providing insights for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,600, indicating the average rent price for a two-bedroom apartment.
The median home value in Sapphire is notably high at $648,048, reflecting the overall property value in the area.
Renters make up only 11.4% of the population, suggesting that homeownership is prevalent and could impact the demand for rental properties.
The median household income in the area stands at $154,635, which is significantly above the national average, pointing towards a strong economic base capable of supporting higher rents.
The market rent figure is currently unavailable, but given the high median income and FMR, it's reasonable to expect that rental prices align closely with the FMR or slightly above.
The days on market (DOM) data is also not available, which makes it difficult to assess how quickly properties are being rented out in the area.

Given the high median home value and median income, Sapphire presents a stable market for investment, particularly in high-end rentals or homes. The low renter share suggests that rental demand might be limited, but the strong economic indicators support the potential for premium rents. Investors should focus on understanding local trends and the availability of rental units to gauge the true rental market dynamics, as the lack of specific market rent and DOM data leaves some uncertainty about the speed and volume of rental transactions.

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.