Location: Haywood County, NC | Metro: Haywood County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
U.S. Census Bureau data (2024)
Waynesville, NC, represented by ZIP code 28786, stands out in Haywood County with a population of 22,056 residents. The rental market here is notable, with 31.3% of the population renting their homes. The median income in Waynesville is $59,371, which is relatively modest compared to the median home value of $341,952, indicating that homeownership is a significant financial commitment for local residents.
In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 28786 in fiscal year 2024 is set at $1,270, whereas the market rent, as measured by the Zillow Observed Rental Index (ZORI), is $1,600. This discrepancy means that landlords participating in the Section 8 program can expect a subsidy of approximately $330 per month per unit to bridge the gap between the FMR and the market rate. This subsidy provides a clear economic incentive for landlords to accept Section 8 tenants, helping to ensure a steady stream of income while supporting affordable housing in the area.
The data signature for Waynesville, NC, suggests a stable environment. With a moderate rental percentage and a defined difference between the FMR and market rates, there is a predictable structure for both renters and landlords. The relatively high median home value indicates a desire for homeownership among residents, which is balanced by the availability of rental units supported by Section 8 vouchers. This balance points towards a stable market where both ownership and rental sectors coexist without significant disruption.
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.