Location: Asheville, NC | Metro: Asheville, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,550 |
| 1 Bedroom | $1,790 |
| 2 Bedrooms | $1,950 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $3,250 |
| 5 Bedrooms | $3,770 |
| 6 Bedrooms | $4,222 |
| 7 Bedrooms | $4,560 |
| 8 Bedrooms | $4,788 |
The analysis of ZIP code 28813 within the Asheville, NC MSA reveals several critical points for landlords and small-portfolio investors.
The rent math is questionable due to insufficient data. The Fair Market Rent (FMR) for the area is set at $1750 for fiscal year 2024. However, the market rent is listed as N/A, which means it's unclear whether the FMR aligns with what tenants are willing to pay. This uncertainty can lead to financial risks if rental rates do not cover operating costs and desired profit margins.
Regarding acquisition affordability, the median home value is listed as N/A, making it difficult to assess property values accurately. Additionally, the average number of days on market (DOM) and the percentage of homes that required price cuts are also unknown, indicated by N/A. These missing figures prevent a thorough evaluation of how quickly properties sell and at what price point, essential considerations for potential acquisitions.
Tenant demand in ZIP 28813 is another area lacking sufficient data. The population figure is listed as N/A, along with the percentage of renters. Without these specifics, it's impossible to determine the size of the potential tenant pool and their willingness to rent rather than buy.
Verdict: Investing in ZIP code 28813 presents significant challenges due to a lack of comprehensive data. The Fair Market Rent of $1750 needs to be compared against actual market rents to ensure the rent math works. Furthermore, the absence of key metrics such as median home value, DOM, and price-cut share makes it hard to gauge acquisition affordability. Lastly, the unknown population and renter share percentages hinder the assessment of tenant demand. Landlords and investors should seek additional local insights before committing to this area.
Data Sources: FMR data from HUD (2027).
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.