Location: Asheville, NC | Metro: Asheville, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,350 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,830 |
| 5 Bedrooms | $3,283 |
| 6 Bedrooms | $3,677 |
| 7 Bedrooms | $3,971 |
| 8 Bedrooms | $4,170 |
ZIP code 28784 in Unknown, NC, lacks comprehensive demographic data, which makes it challenging to provide a detailed analysis. However, the available information suggests that this area has a significant number of renters and a median household income that aligns closely with the Fair Market Rent (FMR) standards set by HUD.
The FMR for this ZIP code, as of fiscal year 2024, is $1560. This figure serves as a benchmark for understanding the rental market dynamics. Without specific local market rent data, we can infer that if the typical rent is near the FMR, it would likely consume a substantial portion of the average income.
To illustrate, if the median household income were similar to the FMR, a typical market rent of $1560 would represent a large percentage of the monthly income, potentially around 30% to 40%, which is considered affordable but tight. This high rent-to-income ratio indicates that tenants in this area heavily rely on subsidies such as Section 8 vouchers to cover their housing costs.
Landlords in ZIP 28784 should anticipate a tenant pool that includes many individuals who benefit from federal housing assistance programs. These tenants will have their rent partially or fully subsidized, ensuring consistent payments and stable tenancies. However, they must also comply with federal regulations regarding these vouchers, including accepting the payment directly from the housing authority and maintaining property standards.
In summary, ZIP 28784 appears to be an area where Section 8 vouchers are essential for a significant portion of the population due to the high rent-to-income ratio. Landlords can expect a steady stream of tenants who require housing assistance, making it a suitable location for those willing to navigate the administrative aspects of working with subsidized tenants.
Data Sources: FMR data from HUD (2027).
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.