28039

ZIPSAFMR

Rowan County, NC

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,030	$1,130	2.7%
1 BR	$1,050	$1,080	3.4%
2 BR	$1,310	$1,250	4.4%
3 BR	$1,660	$1,670	3.0%
4 BR	$2,190	$2,130	7.8%
5 BR	$2,519	Not available	7.8%
6 BR	$2,896	Not available	7.8%
7 BR	$3,331	Not available	7.8%
8 BR	$3,830	Not available	7.8%

Purchase Price Calculator

Maximum purchase price

$123,833

Cost breakdown

+Likely effective rent$1,250

HUD FMR$1,310

Market rentUsed$1,250

Est. payment standard (97%)$1,270

-Principal and interest-$626

Loan amount$99,066

Down payment$24,767

Rate6.50%

Term30 years

-Operating costs-$424

Property taxes-$124

Insurance-$175

Utilities$0

HOA$0

Management-$125

=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

+$20,271(81.8% ROI)

Projected value

$133,355

Return breakdown

Property appreciation+$9,522

Loan principal paid down+$3,549

Rental cash flow+$7,200

5-year hold

+$34,602(139.7% ROI)

Projected value

$140,106

Return breakdown

Property appreciation+$16,273

Loan principal paid down+$6,329

Rental cash flow+$12,000

10-year hold

+$73,765(297.8% ROI)

Projected value

$158,517

Return breakdown

Property appreciation+$34,684

Loan principal paid down+$15,082

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.83ratio

FMR$1,030

Market$1,240

vs market-$210

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

0.83

1 BR

0.96ratio

FMR$1,050

Market$1,090

vs market-$40

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

0.96

2 BR

1.05ratio

FMR$1,310

Market$1,250

vs market+$60

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

1.05

3 BR

0.99ratio

FMR$1,660

Market$1,670

vs market-$10

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

0.99

4 BR

1.03ratio

FMR$2,190

Market$2,130

vs market+$60

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

1.03

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 28039 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28039 (East Spencer, NC) is $1,310 a month. That is up 4.8% from $1,250 in FY 2026. East Spencer 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, 28039 is tied for the 7th-highest two-bedroom rent (county range $1,020–$2,040). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28039 is 14% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28039
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$990	$1,030	+4.0%	$927–$1,133
1BR	$1,000	$1,050	+5.0%	$945–$1,155
2BR	$1,250	$1,310	+4.8%	$1,179–$1,441
3BR	$1,640	$1,660	+1.2%	$1,494–$1,826
4BR	$2,100	$2,190	+4.3%	$1,971–$2,409

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28039
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,030	$1,050	$1,310	$1,660	$2,190
FY 2026	$990	$1,000	$1,250	$1,640	$2,100
FY 2025	$1,080	$1,090	$1,330	$1,750	$2,230
FY 2024	$950	$950	$1,150	$1,520	$1,750
FY 2023	$840	$850	$1,030	$1,330	$1,460

Two-bedroom rent in nearby Rowan County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 28039
28023	$1,210	−7.6%
28036	$2,040	+55.7%
28039Current	$1,310	—
28041	$1,140	−13.0%
28071	$1,120	−14.5%
28072	$1,140	−13.0%
28081	$1,350	+3.1%
28083	$1,420	+8.4%
28088	$1,280	−2.3%
28115	$1,490	+13.7%
28125	$1,390	+6.1%
28127	$1,020	−22.1%

Questions about ZIP 28039 rents

How much will Section 8 pay for a two-bedroom in ZIP 28039?

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 $1,310 it would be $1,179 to $1,441. 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 28039 in?

ZIP 28039 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 28039 for FY 2027?

The two-bedroom FMR rose 4.8%, from $1,250 in FY 2026 to $1,310 in FY 2027. Since FY 2023 it has risen 27.2%.

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 East Spencer, NC fair market rent NC statewide rents What is SAFMR?Data sources