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Wake County/Raleigh/27609

27609

ZIPSAFMR
Wake County, NC
Zillow

ZIP Investment Score

74Below average

095130300
BRFMR
Eff. Rent
0 BR$1,530$1,460
1 BR$1,590$1,750
2 BR$1,730$1,900
3 BR$2,150$2,370
4 BR$2,890$3,070
5 BR$3,323Not available
6 BR$3,822Not available
7 BR$4,395Not available
8 BR$5,055Not available

Purchase Price Calculator

Maximum purchase price
$220,423

Cost breakdown

+Likely effective rent$1,900
HUD FMR$1,730
Market rent$2,640
Est. payment standard (110%)Used$1,900
-Principal and interest-$1,115
Loan amount$176,338
Down payment$44,085
Rate6.50%
Term30 years
-Operating costs-$585
Property taxes-$220
Insurance-$175
Utilities$0
HOA$0
Management-$190
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$30,466(69.1% ROI)
Projected value
$237,371
Return breakdown
Property appreciation+$16,948
Loan principal paid down+$6,318
Rental cash flow+$7,200
5-year hold
+$52,232(118.5% ROI)
Projected value
$249,388
Return breakdown
Property appreciation+$28,965
Loan principal paid down+$11,266
Rental cash flow+$12,000
10-year hold
+$112,583(255.4% ROI)
Projected value
$282,160
Return breakdown
Property appreciation+$61,737
Loan principal paid down+$26,846
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.05
1 BR
0.80
2 BR
0.66
3 BR
0.71
4 BR
0.91
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 27609 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 27609 (Raleigh, NC) is $1,730 a month. That is down 4.9% from $1,820 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, 27609 is tied for the 44th-highest two-bedroom rent (county range $1,220–$2,140). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 27609 is 51% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 27609
BedroomsFY 2027Change90–110% range
Studio$1,530−3.8%$1,377–$1,683
1BR$1,590−4.2%$1,431–$1,749
2BR$1,730−4.9%$1,557–$1,903
3BR$2,150−5.7%$1,935–$2,365
4BR$2,890−5.2%$2,601–$3,179

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 27609
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,530$1,590$1,730$2,150$2,890
FY 2026$1,590$1,660$1,820$2,280$3,050
FY 2025$1,560$1,620$1,790$2,230$3,010
FY 2024$1,440$1,480$1,660$2,050$2,730
FY 2023$1,240$1,270$1,440$1,770$2,340

Two-bedroom rent in nearby Wake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 27609
27603$1,600−7.5%
27604$1,620−6.4%
27605$1,830+5.8%
27606$1,660−4.0%
27607$1,7300.0%
27608$1,800+4.0%
27609Current$1,730—
27610$1,420−17.9%
27611$1,740+0.6%
27612$1,950+12.7%
27613$1,690−2.3%
27614$1,750+1.2%

Questions about ZIP 27609 rents

How much will Section 8 pay for a two-bedroom in ZIP 27609?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,730, that basic range is $1,557 to $1,903 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 27609 in?

ZIP 27609 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 27609 for FY 2027?

The two-bedroom FMR fell 4.9%, from $1,820 in FY 2026 to $1,730 in FY 2027. Since FY 2023 it has risen 20.1%.

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