FMR is below market; voucher rent may lag private rents.
0.67
1 BR
1 BR
0.76ratio
FMR$960
Market$1,270
vs market-$310
FMR is below market; voucher rent may lag private rents.
0.76
2 BR
2 BR
0.89ratio
FMR$1,220
Market$1,370
vs market-$150
FMR is below market; voucher rent may lag private rents.
0.89
3 BR
3 BR
0.84ratio
FMR$1,690
Market$2,000
vs market-$310
FMR is below market; voucher rent may lag private rents.
0.84
4 BR
4 BR
0.93ratio
FMR$1,990
Market$2,140
vs market-$150
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
--
ZIP 27907 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 27907 (Elizabeth City, NC) is $1,220 a month. That is unchanged from FY 2026. Elizabeth City is in the Pasquotank County, NC non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,220. Among 3 ZIP codes in Pasquotank County, 27907 is tied for the highest two-bedroom rent (county range $1,220–$1,220). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 27907 is 7% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 27907
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$920
$960
+4.3%
$864–$1,056
1BR
$930
$960
+3.2%
$864–$1,056
2BR
$1,220
$1,220
0.0%
$1,098–$1,342
3BR
$1,640
$1,690
+3.0%
$1,521–$1,859
4BR
$1,910
$1,990
+4.2%
$1,791–$2,189
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 27907
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$960
$960
$1,220
$1,690
$1,990
FY 2026
$920
$930
$1,220
$1,640
$1,910
FY 2025
$900
$910
$1,190
$1,600
$1,910
FY 2024area FMR
$717
$805
$1,058
$1,454
$1,749
FY 2023area FMR
$626
$711
$936
$1,311
$1,528
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about ZIP 27907 rents
How much will Section 8 pay for a two-bedroom in ZIP 27907?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,220, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,098 to $1,342 a month; under the ZIP-level Small Area FMR of $1,220 it would be $1,098 to $1,342. 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 27907 in?
ZIP 27907 is in the Pasquotank County, NC non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,220.
How much did fair market rent change in ZIP 27907 for FY 2027?
The two-bedroom FMR was unchanged at $1,220 in FY 2027. Since FY 2025 it has risen 2.5%.
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