Location: Polk 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 | $1,340 |
| 1 Bedroom | $1,550 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,010 |
| 4 Bedrooms | $2,820 |
| 5 Bedrooms | $3,271 |
| 6 Bedrooms | $3,664 |
| 7 Bedrooms | $3,957 |
| 8 Bedrooms | $4,155 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,690 | $293,314 | 0.58% | F |
| 3BR | $2,010 | $384,738 | 0.52% | F |
| 4BR | $2,820 | $515,525 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 28792, located in Hendersonville, NC, represents a significant opportunity for landlords and small-portfolio investors due to its substantial renter population. With a total population of 36,645, 38.5% of residents are renters, indicating a robust tenant pool that is likely to be interested in rental properties. This percentage suggests that the area is more renter-heavy than homeowner-dominated, which can be beneficial for those looking to capitalize on the demand for rental housing.
The median household income in this ZIP is $55,522, while the market rent stands at $1,846 per month. This means that the average rent consumes approximately 33.2% of the median monthly income, calculated by dividing the annual income by 12 and then by the market rent. Such a high proportion of income dedicated to rent could indicate financial strain on tenants, especially if they have other expenses or dependents.
Comparing the market rent to the Fair Market Rent (FMR) set by HUD for FY 2024, which is $1,420 for this ZIP, it becomes evident that the actual market rent exceeds the FMR by about $426. This discrepancy implies that landlords may need to consider offering competitive rates or amenities to attract tenants who rely on Section 8 vouchers, given that these vouchers are typically capped at the FMR level.
The kind of tenant profile a landlord in ZIP 28792 should expect includes individuals and families who are likely to benefit from the lower cost of living associated with the FMR but may face challenges in affording the higher market rents. These tenants might prioritize affordability over luxury features, seeking stable housing options within their budget constraints. It's important for landlords to understand the balance between attracting voucher holders and ensuring property management costs are covered.
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.