Location: Clay County, NC | Metro: Cherokee County, NC
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 | $800 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $299,868 | 0.34% | F |
| 3BR | $1,380 | $340,575 | 0.41% | F |
U.S. Census Bureau data (2024)
The ZIP code 28902, which includes Brasstown, NC, presents an interesting scenario for both renters and landlords. The median income for households in this area stands at $88,456, indicating a relatively high earning potential. However, the lack of specific market rate data (N/A) makes it challenging to provide a precise comparison with the voucher payment standard of $960 for Fair Market Rent (FMR) set for the metro area in fiscal year 2026.
Given the limited rental market—only 2.6% of the 986 residents are renters—the competition among landlords is likely minimal. This low percentage of renters suggests that most residents own their homes, leaving fewer opportunities for those seeking rental properties. For the small number of renters, the affordability gap between their median income and the FMR is significant. A household earning $88,456 could potentially afford higher rents, but the majority of renters might rely on voucher programs to secure housing.
The takeaway for landlords considering whether to accept vouchers or focus on cash-paying tenants is clear. While the voucher payment standard of $960 is lower than what higher-income households might pay, it provides a guaranteed and consistent source of income. The streamlined process and government backing make it a reliable option. However, landlords should also consider the potential for renting to cash-paying tenants who might be willing to pay more than the FMR. This strategy could lead to higher individual rents but requires attracting the right tenants in a competitive market that is already sparse.
To maximize profitability, landlords in ZIP 28902 should evaluate the local rental demand carefully. Accepting vouchers can ensure occupancy and steady income, especially given the limited number of rental units. On the other hand, targeting cash-paying tenants may require additional marketing efforts to attract the minority of higher-income individuals looking to rent in this predominantly owner-occupied community.
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.