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Mecklenburg County/Matthews/28104

28104

ZIPSAFMR
Mecklenburg County, NC
Zillow

ZIP Investment Score

80Below average

095130300
BRFMR
Eff. Rent
0 BR$1,900$1,550
1 BR$1,980$1,390
2 BR$2,150$1,780
3 BR$2,620$2,090
4 BR$3,340$2,460
5 BR$3,841Not available
6 BR$4,417Not available
7 BR$5,080Not available
8 BR$5,842Not available

Purchase Price Calculator

Maximum purchase price
$202,591

Cost breakdown

+Likely effective rent$1,780
HUD FMR$2,150
Market rentUsed$1,780
Est. payment standard (90%)$1,940
-Principal and interest-$1,024
Loan amount$162,073
Down payment$40,518
Rate6.50%
Term30 years
-Operating costs-$556
Property taxes-$203
Insurance-$175
Utilities$0
HOA$0
Management-$178
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$28,584(70.5% ROI)
Projected value
$218,168
Return breakdown
Property appreciation+$15,577
Loan principal paid down+$5,807
Rental cash flow+$7,200
5-year hold
+$48,977(120.9% ROI)
Projected value
$229,213
Return breakdown
Property appreciation+$26,622
Loan principal paid down+$10,355
Rental cash flow+$12,000
10-year hold
+$105,416(260.2% ROI)
Projected value
$259,333
Return breakdown
Property appreciation+$56,743
Loan principal paid down+$24,674
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.23
1 BR
1.42
2 BR
1.21
3 BR
1.25
4 BR
1.36
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28104 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28104 (Matthews, NC) is $2,150 a month. That is up 5.4% from $2,040 in FY 2026. Matthews is in the Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 72 ZIP codes in Mecklenburg County, 28104 is tied for the 8th-highest two-bedroom rent (county range $1,440–$2,680). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28104 is 88% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28104
BedroomsFY 2027Change90–110% range
Studio$1,900+6.7%$1,710–$2,090
1BR$1,980+6.5%$1,782–$2,178
2BR$2,150+5.4%$1,935–$2,365
3BR$2,620+4.4%$2,358–$2,882
4BR$3,340+4.7%$3,006–$3,674

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28104
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,900$1,980$2,150$2,620$3,340
FY 2026$1,780$1,860$2,040$2,510$3,190
FY 2025$1,960$2,030$2,250$2,780$3,520
FY 2024$1,660$1,710$1,920$2,390$3,070
FY 2023$1,410$1,440$1,630$2,070$2,670

Two-bedroom rent in nearby Mecklenburg County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28104
28036$2,040−5.1%
28070$1,890−12.1%
28075$2,680+24.7%
28078$2,1500.0%
28079$2,360+9.8%
28104Current$2,150—
28105$1,970−8.4%
28106$1,890−12.1%
28107$1,440−33.0%
28126$1,890−12.1%
28130$1,890−12.1%
28134$2,010−6.5%

Questions about ZIP 28104 rents

How much will Section 8 pay for a two-bedroom in ZIP 28104?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,150, that basic range is $1,935 to $2,365 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 28104 in?

ZIP 28104 is in the Charlotte-Concord-Gastonia, NC-SC 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 28104 for FY 2027?

The two-bedroom FMR rose 5.4%, from $2,040 in FY 2026 to $2,150 in FY 2027. Since FY 2023 it has risen 31.9%.

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