27697

ZIPSAFMR

Wake County, NC

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,530	$1,630	1.3%
1 BR	$1,600	$1,660	1.9%
2 BR	$1,740	$1,730	0.8%
3 BR	$2,170	$1,900	1.1%
4 BR	$2,910	$2,250	1.3%
5 BR	$3,346	Not available	1.3%
6 BR	$3,848	Not available	1.3%
7 BR	$4,426	Not available	1.3%
8 BR	$5,090	Not available	1.3%

Purchase Price Calculator

Maximum purchase price

$195,161

Cost breakdown

+Likely effective rent$1,730

HUD FMR$1,740

Market rentUsed$1,730

Est. payment standard (100%)$1,730

-Principal and interest-$987

Loan amount$156,129

Down payment$39,032

Rate6.50%

Term30 years

-Operating costs-$543

Property taxes-$195

Insurance-$175

Utilities$0

HOA$0

Management-$173

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$27,800(71.2% ROI)

Projected value

$210,167

Return breakdown

Property appreciation+$15,006

Loan principal paid down+$5,594

Rental cash flow+$7,200

5-year hold

+$47,621(122.0% ROI)

Projected value

$220,807

Return breakdown

Property appreciation+$25,646

Loan principal paid down+$9,975

Rental cash flow+$12,000

10-year hold

+$102,430(262.4% ROI)

Projected value

$249,822

Return breakdown

Property appreciation+$54,662

Loan principal paid down+$23,769

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.91ratio

FMR$1,530

Market$1,680

vs market-$150

FMR is near market; voucher and private rents are aligned.

0.91

1 BR

0.95ratio

FMR$1,600

Market$1,690

vs market-$90

FMR is near market; voucher and private rents are aligned.

0.95

2 BR

1.01ratio

FMR$1,740

Market$1,730

vs market+$10

FMR is near market; voucher and private rents are aligned.

1.01

3 BR

1.14ratio

FMR$2,170

Market$1,900

vs market+$270

FMR is above market; underwrite to market rent.

1.14

4 BR

1.29ratio

FMR$2,910

Market$2,250

vs market+$660

FMR is above market; underwrite to market rent.

1.29

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: --

ZIP 27697 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 27697 (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, 27697 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 27697 is 52% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 27697
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 27697
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

Two-bedroom rent in nearby Wake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 27697
27640	$1,740	0.0%
27656	$1,740	0.0%
27658	$1,740	0.0%
27661	$1,740	0.0%
27675	$1,740	0.0%
27676	$1,740	0.0%
27690	$1,740	0.0%
27695	$1,730	−0.6%
27697Current	$1,740	—
27699	$1,740	0.0%
27703	$1,830	+5.2%
27713	$1,920	+10.3%

Questions about ZIP 27697 rents

How much will Section 8 pay for a two-bedroom in ZIP 27697?

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 27697 in?

ZIP 27697 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 27697 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

County fair market rent Raleigh, NC fair market rent NC statewide rents What is SAFMR?Data sources