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Rowan County/Kannapolis/28081

28081

ZIPSAFMR
Rowan County, NC
Zillow

ZIP Investment Score

88Below average

095130300
BRFMR
Eff. Rent
0 BR$1,130$1,240
1 BR$1,170$1,250
2 BR$1,350$1,310
3 BR$1,670$1,820
4 BR$2,160$2,140
5 BR$2,484Not available
6 BR$2,857Not available
7 BR$3,285Not available
8 BR$3,778Not available

Purchase Price Calculator

Maximum purchase price
$132,749

Cost breakdown

+Likely effective rent$1,310
HUD FMR$1,350
Market rentUsed$1,310
Est. payment standard (98%)$1,320
-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

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

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Rolodex

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Market Alignment

Studio
0.78
1 BR
0.91
2 BR
1.03
3 BR
0.88
4 BR
1.01
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28081 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28081 (Kannapolis, NC) is $1,350 a month. That is up 8.0% from $1,250 in FY 2026. Kannapolis is in the Rowan County, NC HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 22 ZIP codes in Rowan County, 28081 has the 5th-highest two-bedroom rent (county range $1,020–$2,040). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28081 is 18% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28081
BedroomsFY 2027Change90–110% range
Studio$1,130+7.6%$1,017–$1,243
1BR$1,170+8.3%$1,053–$1,287
2BR$1,350+8.0%$1,215–$1,485
3BR$1,670+5.7%$1,503–$1,837
4BR$2,160+7.5%$1,944–$2,376

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28081
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,130$1,170$1,350$1,670$2,160
FY 2026$1,050$1,080$1,250$1,580$2,010
FY 2025$1,120$1,150$1,320$1,670$2,120
FY 2024$970$990$1,140$1,450$1,780
FY 2023$840$860$1,000$1,280$1,550

Two-bedroom rent in nearby Rowan County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28081
28036$2,040+51.1%
28039$1,310−3.0%
28041$1,140−15.6%
28071$1,120−17.0%
28072$1,140−15.6%
28081Current$1,350—
28083$1,420+5.2%
28088$1,280−5.2%
28115$1,490+10.4%
28125$1,390+3.0%
28127$1,020−24.4%
28137$1,310−3.0%

Questions about ZIP 28081 rents

How much will Section 8 pay for a two-bedroom in ZIP 28081?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,350, that basic range is $1,215 to $1,485 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 28081 in?

ZIP 28081 is in the Rowan County, NC HUD Metro FMR Area. 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 28081 for FY 2027?

The two-bedroom FMR rose 8.0%, from $1,250 in FY 2026 to $1,350 in FY 2027. Since FY 2023 it has risen 35.0%.

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 rentKannapolis, NC fair market rentNC statewide rentsWhat is SAFMR?Data sources