Location: Asheville, 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 | $1,450 |
| 1 Bedroom | $1,670 |
| 2 Bedrooms | $1,820 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $3,030 |
| 5 Bedrooms | $3,515 |
| 6 Bedrooms | $3,937 |
| 7 Bedrooms | $4,252 |
| 8 Bedrooms | $4,465 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,670 | $291,094 | 0.57% | F |
| 2BR | $1,820 | $358,596 | 0.51% | F |
| 3BR | $2,170 | $481,323 | 0.45% | F |
| 4BR | $3,030 | $676,289 | 0.45% | F |
| 5BR | $3,515 | $854,446 | 0.41% | F |
U.S. Census Bureau data (2024)
In Weaverville, NC (ZIP 28787), the median fair market rent (FMR) for 2024 stands at $1,590. This figure raises immediate concerns for landlords and small-portfolio investors regarding whether it can sufficiently cover the mortgage on a home valued at $470,825. To address this, consider that the FMR is designed to cover the average cost of renting a modest home in the area. However, the mortgage payment on a $470,825 property will depend significantly on factors such as interest rates and down payment size. At a typical interest rate of around 4%, a 30-year fixed mortgage with a 20% down payment would result in monthly payments closer to $1,800, which exceeds the FMR. Thus, relying solely on FMR to cover mortgage expenses would be insufficient.
The second objection pertains to the rental demand in Weaverville, indicated by the 21.5% share of households renting. While this percentage suggests a moderate level of demand, it's crucial to understand that the success of a rental property also hinges on vacancy rates and the local economy's ability to support renters. The data does not provide the exact vacancy rate, but a 21.5% rental share implies that there is competition among landlords. Therefore, ensuring that your property is well-maintained and priced competitively is essential for attracting tenants.
Lastly, the question arises whether housing vouchers will keep pace with the $1,657 average market rent. The U.S. Department of Housing and Urban Development (HUD) adjusts voucher amounts annually based on local market conditions. In ZIP 28787, HUD has set the maximum voucher amount to match the FMR of $1,590. Given that the market rent slightly exceeds this amount, landlords might find themselves subsidizing the difference between the voucher and the actual rent charged. This discrepancy could impact profitability, especially if the tenant is unable to contribute the additional amount consistently.
In summary, while Weaverville offers opportunities for landlords and small-portfolio investors, careful consideration of the financial aspects is necessary. The FMR alone cannot cover the mortgage on a $470,825 home, rental demand is moderate but competitive, and housing vouchers may not fully meet market rent levels. These factors should be weighed against other investment options to determine if Weaverville aligns with your financial goals.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.