FMR is below market; voucher rent may lag private rents.
0.87
2 BR
2 BR
0.91ratio
FMR$1,730
Market$1,910
vs market-$180
FMR is near market; voucher and private rents are aligned.
0.91
3 BR
3 BR
0.66ratio
FMR$2,150
Market$3,260
vs market-$1,110
FMR is below market; voucher rent may lag private rents.
0.66
4 BR
4 BR
0.65ratio
FMR$2,890
Market$4,430
vs market-$1,540
FMR is below market; voucher rent may lag private rents.
0.65
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 27695 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 27695 (Wake County, NC) is $1,730 a month. That is down 2.8% from $1,780 in FY 2026. Wake County 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, 27695 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 27695 is 51% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 27695
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,550
$1,530
−1.3%
$1,377–$1,683
1BR
$1,620
$1,590
−1.9%
$1,431–$1,749
2BR
$1,780
$1,730
−2.8%
$1,557–$1,903
3BR
$2,230
$2,150
−3.6%
$1,935–$2,365
4BR
$2,990
$2,890
−3.3%
$2,601–$3,179
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 27695
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,530
$1,590
$1,730
$2,150
$2,890
FY 2026
$1,550
$1,620
$1,780
$2,230
$2,990
FY 2025
$1,540
$1,600
$1,770
$2,200
$2,970
FY 2024
$1,470
$1,510
$1,700
$2,100
$2,800
FY 2023area FMR
$1,213
$1,250
$1,412
$1,733
$2,293
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
How much will Section 8 pay for a two-bedroom in ZIP 27695?
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 27695 in?
ZIP 27695 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 27695 for FY 2027?
The two-bedroom FMR fell 2.8%, from $1,780 in FY 2026 to $1,730 in FY 2027. Since FY 2024 it has risen 1.8%.
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