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Wake County/Raleigh/27608

27608

ZIPSAFMR
Wake County, NC
Zillow

ZIP Investment Score

37Below average

095130300
BRFMR
Eff. Rent
0 BR$1,590$1,580
1 BR$1,650$1,750
2 BR$1,800$1,980
3 BR$2,240$2,460
4 BR$3,010$3,310
5 BR$3,461Not available
6 BR$3,981Not available
7 BR$4,578Not available
8 BR$5,265Not available

Purchase Price Calculator

Maximum purchase price
$232,311

Cost breakdown

+Likely effective rent$1,980
HUD FMR$1,800
Market rent$2,390
Est. payment standard (110%)Used$1,980
-Principal and interest-$1,175
Loan amount$185,849
Down payment$46,462
Rate6.50%
Term30 years
-Operating costs-$605
Property taxes-$232
Insurance-$175
Utilities$0
HOA$0
Management-$198
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$31,721(68.3% ROI)
Projected value
$250,173
Return breakdown
Property appreciation+$17,863
Loan principal paid down+$6,659
Rental cash flow+$7,200
5-year hold
+$54,401(117.1% ROI)
Projected value
$262,838
Return breakdown
Property appreciation+$30,528
Loan principal paid down+$11,874
Rental cash flow+$12,000
10-year hold
+$117,360(252.6% ROI)
Projected value
$297,377
Return breakdown
Property appreciation+$65,067
Loan principal paid down+$28,293
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.01
1 BR
0.91
2 BR
0.75
3 BR
0.76
4 BR
0.83
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 27608 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 27608 (Raleigh, NC) is $1,800 a month. That is up 2.3% from $1,760 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, 27608 is tied for the 15th-highest two-bedroom rent (county range $1,220–$2,140). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 27608 is 57% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 27608
BedroomsFY 2027Change90–110% range
Studio$1,590+3.9%$1,431–$1,749
1BR$1,650+2.5%$1,485–$1,815
2BR$1,800+2.3%$1,620–$1,980
3BR$2,240+1.4%$2,016–$2,464
4BR$3,010+2.0%$2,709–$3,311

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 27608
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,590$1,650$1,800$2,240$3,010
FY 2026$1,530$1,610$1,760$2,210$2,950
FY 2025$1,550$1,610$1,780$2,210$2,990
FY 2024$1,430$1,470$1,650$2,040$2,720
FY 2023$1,230$1,270$1,430$1,750$2,320

Two-bedroom rent in nearby Wake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 27608
27602$1,740−3.3%
27603$1,600−11.1%
27604$1,620−10.0%
27605$1,830+1.7%
27606$1,660−7.8%
27607$1,730−3.9%
27608Current$1,800—
27609$1,730−3.9%
27610$1,420−21.1%
27611$1,740−3.3%
27612$1,950+8.3%
27613$1,690−6.1%

Questions about ZIP 27608 rents

How much will Section 8 pay for a two-bedroom in ZIP 27608?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,800, that basic range is $1,620 to $1,980 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 27608 in?

ZIP 27608 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 27608 for FY 2027?

The two-bedroom FMR rose 2.3%, from $1,760 in FY 2026 to $1,800 in FY 2027. Since FY 2023 it has risen 25.9%.

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