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 | $1,560 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $1,960 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $3,270 |
| 5 Bedrooms | $3,793 |
| 6 Bedrooms | $4,248 |
| 7 Bedrooms | $4,588 |
| 8 Bedrooms | $4,817 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,800 | $436,434 | 0.41% | F |
| 2BR | $1,960 | $463,666 | 0.42% | F |
| 3BR | $2,340 | $574,632 | 0.41% | F |
| 4BR | $3,270 | $786,755 | 0.42% | F |
| 5BR | $3,793 | $1,084,962 | 0.35% | F |
U.S. Census Bureau data (2024)
The ZIP code 28801, located in Asheville, NC, presents an interesting mix of characteristics when compared to the broader Asheville, NC MSA. The Fair Market Rent (FMR) for 28801 is set at $1950 for the fiscal year 2024, which is slightly above the market rent of $1,819 observed in the area. This suggests that 28801 is positioned as a mid-tier neighborhood within the Asheville MSA, where rental properties are priced somewhat higher than the average but still remain competitive.
The median home value in 28801 stands at $557,634, indicating that it is not among the most expensive areas within the MSA. However, it also does not represent the lower end of the housing market. Thus, the ZIP code can be considered a mid-tier neighborhood regarding home values as well.
A notable feature of 28801 is its 63.0% renter share, which is significantly higher than the typical Asheville, NC MSA ZIP codes. This high proportion of renters often signals potential opportunities for landlords and small-portfolio investors, especially given the alignment with the Section 8 Housing Choice Voucher program's Fair Market Rent. The combination of a high renter share and home values below the premium level within the MSA suggests that 28801 could be a valuable location for those looking to invest in properties eligible for Section 8 subsidies.
In summary, ZIP code 28801 in Asheville, NC, is best categorized as a mid-tier neighborhood within its metro, offering both rental and home purchase options that are somewhat above average but not premium-priced. Its high renter share makes it particularly attractive for Section 8-related investments, as it aligns well with the program's subsidy levels while maintaining a significant demand for rental units.
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.