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Wake County/Raleigh/27604

27604

ZIPSAFMR
Wake County, NC
Zillow

ZIP Investment Score

82Below average

095130300
BRFMR
Eff. Rent
0 BR$1,430$1,440
1 BR$1,490$1,450
2 BR$1,620$1,720
3 BR$2,020$1,860
4 BR$2,710$2,240
5 BR$3,116Not available
6 BR$3,584Not available
7 BR$4,122Not available
8 BR$4,740Not available

Purchase Price Calculator

Maximum purchase price
$193,675

Cost breakdown

+Likely effective rent$1,720
HUD FMR$1,620
Market rent$1,780
Est. payment standard (106%)Used$1,720
-Principal and interest-$979
Loan amount$154,940
Down payment$38,735
Rate6.50%
Term30 years
-Operating costs-$541
Property taxes-$194
Insurance-$175
Utilities$0
HOA$0
Management-$172
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$27,643(71.4% ROI)
Projected value
$208,567
Return breakdown
Property appreciation+$14,892
Loan principal paid down+$5,551
Rental cash flow+$7,200
5-year hold
+$47,350(122.2% ROI)
Projected value
$219,125
Return breakdown
Property appreciation+$25,450
Loan principal paid down+$9,899
Rental cash flow+$12,000
10-year hold
+$101,833(262.9% ROI)
Projected value
$247,920
Return breakdown
Property appreciation+$54,245
Loan principal paid down+$23,588
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.99
1 BR
1.03
2 BR
0.91
3 BR
1.09
4 BR
1.21
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 27604 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 27604 (Raleigh, NC) is $1,620 a month. That is down 5.8% from $1,720 in FY 2026. Raleigh is in the Raleigh-Cary, NC MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 62 ZIP codes in Wake County, 27604 has the 52nd-highest two-bedroom rent (county range $1,220–$2,140). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 27604 is 41% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 27604
BedroomsFY 2027Change90–110% range
Studio$1,430−4.7%$1,287–$1,573
1BR$1,490−5.1%$1,341–$1,639
2BR$1,620−5.8%$1,458–$1,782
3BR$2,020−6.5%$1,818–$2,222
4BR$2,710−6.2%$2,439–$2,981

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 27604
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,430$1,490$1,620$2,020$2,710
FY 2026$1,500$1,570$1,720$2,160$2,890
FY 2025$1,490$1,540$1,710$2,130$2,870
FY 2024$1,390$1,430$1,600$1,980$2,640
FY 2023$1,200$1,240$1,400$1,720$2,270

Two-bedroom rent in nearby Wake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 27604
27597$1,220−24.7%
27601$1,750+8.0%
27602$1,740+7.4%
27603$1,600−1.2%
27604Current$1,620—
27605$1,830+13.0%
27606$1,660+2.5%
27607$1,730+6.8%
27608$1,800+11.1%
27609$1,730+6.8%
27610$1,420−12.3%
27611$1,740+7.4%

Questions about ZIP 27604 rents

How much will Section 8 pay for a two-bedroom in ZIP 27604?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,620, that basic range is $1,458 to $1,782 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 ZIP 27604 in?

ZIP 27604 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 ZIP 27604 for FY 2027?

The two-bedroom FMR fell 5.8%, from $1,720 in FY 2026 to $1,620 in FY 2027. Since FY 2023 it has risen 15.7%.

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

County fair market rentRaleigh, NC fair market rentNC statewide rentsWhat is SAFMR?Data sources