FMR is near market; voucher and private rents are aligned.
1.09
1 BR
1 BR
0.97ratio
FMR$1,600
Market$1,650
vs market-$50
FMR is near market; voucher and private rents are aligned.
0.97
2 BR
2 BR
0.89ratio
FMR$1,740
Market$1,960
vs market-$220
FMR is below market; voucher rent may lag private rents.
0.89
3 BR
3 BR
0.78ratio
FMR$2,170
Market$2,770
vs market-$600
FMR is below market; voucher rent may lag private rents.
0.78
4 BR
4 BR
0.93ratio
FMR$2,910
Market$3,130
vs market-$220
FMR is near market; voucher and private rents are aligned.
0.93
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 27656 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 27656 (Raleigh, NC) is $1,740 a month. That is down 3.9% from $1,810 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, 27656 is tied for the 21st-highest two-bedroom rent (county range $1,220–$2,140). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 27656 is 52% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 27656
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,580
$1,530
−3.2%
$1,377–$1,683
1BR
$1,650
$1,600
−3.0%
$1,440–$1,760
2BR
$1,810
$1,740
−3.9%
$1,566–$1,914
3BR
$2,270
$2,170
−4.4%
$1,953–$2,387
4BR
$3,040
$2,910
−4.3%
$2,619–$3,201
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 27656
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,530
$1,600
$1,740
$2,170
$2,910
FY 2026
$1,580
$1,650
$1,810
$2,270
$3,040
FY 2025
$1,580
$1,640
$1,820
$2,260
$3,060
FY 2024
$1,470
$1,510
$1,700
$2,100
$2,800
FY 2023
$1,250
$1,290
$1,460
$1,790
$2,370
Questions about ZIP 27656 rents
How much will Section 8 pay for a two-bedroom in ZIP 27656?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,740, that basic range is $1,566 to $1,914 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 27656 in?
ZIP 27656 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 27656 for FY 2027?
The two-bedroom FMR fell 3.9%, from $1,810 in FY 2026 to $1,740 in FY 2027. Since FY 2023 it has risen 19.2%.
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