FMR is below market; voucher rent may lag private rents.
0.48
1 BR
1 BR
0.50ratio
FMR$770
Market$1,540
vs market-$770
FMR is below market; voucher rent may lag private rents.
0.50
2 BR
2 BR
0.65ratio
FMR$1,010
Market$1,560
vs market-$550
FMR is below market; voucher rent may lag private rents.
0.65
3 BR
3 BR
0.80ratio
FMR$1,390
Market$1,730
vs market-$340
FMR is below market; voucher rent may lag private rents.
0.80
4 BR
4 BR
0.77ratio
FMR$1,450
Market$1,880
vs market-$430
FMR is below market; voucher rent may lag private rents.
0.77
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 28002 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28002 (Albemarle, NC) is $1,010 a month. That is up 8.6% from $930 in FY 2026. Albemarle is in the Stanly 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 $1,012. Among 13 ZIP codes in Stanly County, 28002 is tied for the 11th-highest two-bedroom rent (county range $1,010–$1,440). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28002 is 12% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 28002
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$640
$770
+20.3%
$693–$847
1BR
$710
$770
+8.5%
$693–$847
2BR
$930
$1,010
+8.6%
$909–$1,111
3BR
$1,290
$1,390
+7.8%
$1,251–$1,529
4BR
$1,470
$1,450
−1.4%
$1,305–$1,595
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 28002
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$770
$770
$1,010
$1,390
$1,450
FY 2026
$640
$710
$930
$1,290
$1,470
FY 2025
$670
$750
$980
$1,340
$1,630
FY 2024area FMR
$627
$704
$925
$1,244
$1,552
FY 2023area FMR
$560
$674
$815
$1,097
$1,388
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Stanly County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 28002?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,012, which applies unless the housing authority uses Small Area FMRs, that basic range is $911 to $1,113 a month; under the ZIP-level Small Area FMR of $1,010 it would be $909 to $1,111. 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 28002 in?
ZIP 28002 is in the Stanly County, NC non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,012.
How much did fair market rent change in ZIP 28002 for FY 2027?
The two-bedroom FMR rose 8.6%, from $930 in FY 2026 to $1,010 in FY 2027. Since FY 2025 it has risen 3.1%.
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