Rowan County/China Grove/28023

28023

ZIPSAFMR

Rowan County, NC

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ZIP Investment Score

70Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$950	$1,050	0.7%
1 BR	$970	$1,050	1.1%
2 BR	$1,210	$1,310	2.3%
3 BR	$1,540	$1,690	1.1%
4 BR	$2,020	$1,980	5.5%
5 BR	$2,323	Not available	5.5%
6 BR	$2,671	Not available	5.5%
7 BR	$3,072	Not available	5.5%
8 BR	$3,533	Not available	5.5%

Purchase Price Calculator

Maximum purchase price

$132,749

Cost breakdown

+Likely effective rent$1,310

HUD FMR$1,210

Market rent$1,370

Est. payment standard (109%)Used$1,310

-Principal and interest-$671

Loan amount$106,199

Down payment$26,550

Rate6.50%

Term30 years

-Operating costs-$439

Property taxes-$133

Insurance-$175

Utilities$0

HOA$0

Management-$131

=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

+$21,212(79.9% ROI)

Projected value

$142,956

Return breakdown

Property appreciation+$10,207

Loan principal paid down+$3,805

Rental cash flow+$7,200

5-year hold

+$36,229(136.5% ROI)

Projected value

$150,193

Return breakdown

Property appreciation+$17,444

Loan principal paid down+$6,785

Rental cash flow+$12,000

10-year hold

+$77,349(291.3% ROI)

Projected value

$169,930

Return breakdown

Property appreciation+$37,181

Loan principal paid down+$16,168

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.77ratio

FMR$950

Market$1,240

vs market-$290

FMR is below market; voucher rent may lag private rents.

0.77

1 BR

0.89ratio

FMR$970

Market$1,090

vs market-$120

FMR is below market; voucher rent may lag private rents.

0.89

2 BR

0.88ratio

FMR$1,210

Market$1,370

vs market-$160

FMR is below market; voucher rent may lag private rents.

0.88

3 BR

0.86ratio

FMR$1,540

Market$1,800

vs market-$260

FMR is below market; voucher rent may lag private rents.

0.86

4 BR

1.02ratio

FMR$2,020

Market$1,980

vs market+$40

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

1.02

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 28023 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28023 (China Grove, NC) is $1,210 a month. That is up 4.3% from $1,160 in FY 2026. China Grove is in the Rowan County, NC HUD Metro 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 metro-wide two-bedroom FMR of $1,262. Among 22 ZIP codes in Rowan County, 28023 is tied for the 14th-highest two-bedroom rent (county range $1,020–$2,040). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28023 is 6% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28023
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$940	$950	+1.1%	$855–$1,045
1BR	$950	$970	+2.1%	$873–$1,067
2BR	$1,160	$1,210	+4.3%	$1,089–$1,331
3BR	$1,530	$1,540	+0.7%	$1,386–$1,694
4BR	$1,950	$2,020	+3.6%	$1,818–$2,222

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28023
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$950	$970	$1,210	$1,540	$2,020
FY 2026	$940	$950	$1,160	$1,530	$1,950
FY 2025	$1,030	$1,040	$1,270	$1,670	$2,130
FY 2024	$930	$940	$1,130	$1,490	$1,720
FY 2023	$830	$840	$1,020	$1,320	$1,440

Two-bedroom rent in nearby Rowan County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 28023
28023Current	$1,210	—
28036	$2,040	+68.6%
28039	$1,310	+8.3%
28041	$1,140	−5.8%
28071	$1,120	−7.4%
28072	$1,140	−5.8%
28081	$1,350	+11.6%
28083	$1,420	+17.4%
28088	$1,280	+5.8%
28115	$1,490	+23.1%
28125	$1,390	+14.9%
28127	$1,020	−15.7%

Questions about ZIP 28023 rents

How much will Section 8 pay for a two-bedroom in ZIP 28023?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,262, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,136 to $1,388 a month; under the ZIP-level Small Area FMR of $1,210 it would be $1,089 to $1,331. 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 28023 in?

ZIP 28023 is in the Rowan County, NC HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,262.

How much did fair market rent change in ZIP 28023 for FY 2027?

The two-bedroom FMR rose 4.3%, from $1,160 in FY 2026 to $1,210 in FY 2027. Since FY 2023 it has risen 18.6%.

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 China Grove, NC fair market rent NC statewide rents What is SAFMR?Data sources