City Median Investment Score
80Below average
| BR | FMR | Eff. Rent | 3Y CAGR |
|---|---|---|---|
| 0 BR | $1,470 – $1,530▼ | $1,480 – $1,680 | 1.0% |
| 1 BR | $1,540 – $1,600▼ | $1,500 – $1,520 | 1.6% |
| 2 BR | $1,670 – $1,740▼ | $1,710 – $1,730 | 0.5% |
| 3 BR | $2,080 – $2,170▼ | $1,950 – $2,130 | 0.7% |
| 4 BR | $2,780 – $2,910▼ | $2,300 – $2,330 | 1.0% |
| 5 BR | $3,272▼ | —Not available | 1.0% |
| 6 BR | $3,763▼ | —Not available | 1.0% |
| 7 BR | $4,327▼ | —Not available | 1.0% |
| 8 BR | $4,976▼ | —Not available | 1.0% |
Public Housing Authority
Rolodex
Market Alignment
FMR is below market; voucher rent may lag private rents.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is near market; voucher and private rents are aligned.
FMR is above market; underwrite to market rent.
FMR is above market; underwrite to market rent.
FMR is above market; underwrite to market rent.
- FMR
- FY2027
- Market rent
- last ~365 days
- Property value
- --
- Tax rate
- --
- Mortgage rate
- --
Wake Forest, NC fair market rent, FY 2027
For FY 2027, HUD's two-bedroom Small Area Fair Market Rent across the 2 ZIP codes in Wake Forest, NC ranges from $1,670 to $1,740 a month, with a median of $1,705. That is down 4.2% from $1,780 in FY 2026. Wake Forest is in the Raleigh-Cary, NC MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. The median county two-bedroom FMR in North Carolina is $1,145, so Wake Forest is 49% above it.
FY 2027 rent by bedroom
| Bedrooms | FY 2026 | FY 2027 | Change | 90–110% range |
|---|---|---|---|---|
| Studio | $1,555 | $1,500 | −3.5% | $1,350–$1,650 |
| 1BR | $1,625 | $1,570 | −3.4% | $1,413–$1,727 |
| 2BR | $1,780 | $1,705 | −4.2% | $1,535–$1,876 |
| 3BR | $2,240 | $2,125 | −5.1% | $1,913–$2,338 |
| 4BR | $2,985 | $2,845 | −4.7% | $2,561–$3,130 |
Fair market rent history, FY 2023–2027
| Fiscal year | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| FY 2027 | $1,500 | $1,570 | $1,705 | $2,125 | $2,845 |
| FY 2026 | $1,555 | $1,625 | $1,780 | $2,240 | $2,985 |
| FY 2025 | $1,570 | $1,630 | $1,805 | $2,245 | $3,020 |
| FY 2024 | $1,455 | $1,495 | $1,680 | $2,080 | $2,765 |
| FY 2023 | $1,235 | $1,275 | $1,445 | $1,770 | $2,340 |
Two-bedroom rent by ZIP code
Questions about Wake Forest, NC rents
How much will Section 8 pay for a two-bedroom in Wake Forest, NC?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,705, that basic range is $1,535 to $1,876 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Wake Forest, NC in?
Wake Forest, NC is in the Raleigh-Cary, NC MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in Wake Forest, NC for FY 2027?
The two-bedroom FMR fell 4.2%, from $1,780 in FY 2026 to $1,705 in FY 2027. Since FY 2023 it has risen 18.0%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set