Location: Asheville, NC | Metro: Asheville, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,250 |
| 4 Bedrooms | $3,150 |
| 5 Bedrooms | $3,654 |
| 6 Bedrooms | $4,092 |
| 7 Bedrooms | $4,419 |
| 8 Bedrooms | $4,640 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 28805 in Asheville, North Carolina, for fiscal year 2024 is set at $1660. This figure represents the payment standard for Section 8 housing vouchers, which is the amount the government will pay towards rent for eligible tenants. It's important to note that this is not the rent you charge; it's the maximum amount the government will contribute.
In comparison, the local Zillow Rent Index (ZORI) for the same area is $1636. This suggests that the FMR aligns closely with the market rate, making it feasible for landlords to participate in the Section 8 program without significant financial loss.
The 35.9% renter share indicates that nearly one-third of the population in ZIP 28805 relies on rental housing. This high percentage of renters signals strong demand for affordable housing options, including those supported by Section 8 vouchers. As a landlord, you can expect a steady pool of potential tenants who need assistance with housing costs.
To put this into perspective, the median home value in the area is approximately $453,928. This figure reflects the typical price for acquiring a property in ZIP 28805. Given the FMR and ZORI rates, a Section 8 rental property can be a solid investment, especially if you're looking to enter the market without overextending your budget.
Before finalizing your decision to become a Section 8 landlord, verify that your property meets all the necessary standards for habitability and safety. The government conducts regular inspections to ensure that homes provide a safe living environment for tenants. Non-compliance can lead to penalties or termination of your participation in the program.
In summary, the FMR of $1660 matches well with the local ZORI of $1636, ensuring that you receive fair compensation through the voucher program. With a 35.9% renter share, there is ample demand for affordable housing in Asheville. Ensure your property complies with all standards to avoid any issues down the line.
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.