28108

ZIPSAFMR

Union County, NC

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,740	$1,630	5.1%
1 BR	$1,810	$1,640	5.3%
2 BR	$1,970	$1,680	4.2%
3 BR	$2,410	$1,980	3.6%
4 BR	$3,060	$2,210	3.4%
5 BR	$3,519	Not available	3.4%
6 BR	$4,047	Not available	3.4%
7 BR	$4,654	Not available	3.4%
8 BR	$5,352	Not available	3.4%

Purchase Price Calculator

Maximum purchase price

$187,731

Cost breakdown

+Likely effective rent$1,680

HUD FMR$1,970

Market rentUsed$1,680

Est. payment standard (90%)$1,780

-Principal and interest-$949

Loan amount$150,185

Down payment$37,546

Rate6.50%

Term30 years

-Operating costs-$531

Property taxes-$188

Insurance-$175

Utilities$0

HOA$0

Management-$168

=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

+$27,015(72.0% ROI)

Projected value

$202,166

Return breakdown

Property appreciation+$14,435

Loan principal paid down+$5,381

Rental cash flow+$7,200

5-year hold

+$46,265(123.2% ROI)

Projected value

$212,400

Return breakdown

Property appreciation+$24,669

Loan principal paid down+$9,595

Rental cash flow+$12,000

10-year hold

+$99,444(264.9% ROI)

Projected value

$240,311

Return breakdown

Property appreciation+$52,581

Loan principal paid down+$22,864

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.07ratio

FMR$1,740

Market$1,630

vs market+$110

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

1.07

1 BR

1.10ratio

FMR$1,810

Market$1,640

vs market+$170

FMR is above market; underwrite to market rent.

1.10

2 BR

1.17ratio

FMR$1,970

Market$1,680

vs market+$290

FMR is above market; underwrite to market rent.

1.17

3 BR

1.22ratio

FMR$2,410

Market$1,980

vs market+$430

FMR is above market; underwrite to market rent.

1.22

4 BR

1.38ratio

FMR$3,060

Market$2,210

vs market+$850

FMR is above market; underwrite to market rent.

1.38

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 28108 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28108 (Mineral Springs, NC) is $1,970 a month. That is up 5.9% from $1,860 in FY 2026. Mineral Springs 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 14 ZIP codes in Union County, 28108 is tied for the 4th-highest two-bedroom rent (county range $1,250–$2,360). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28108 is 72% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28108
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,620	$1,740	+7.4%	$1,566–$1,914
1BR	$1,700	$1,810	+6.5%	$1,629–$1,991
2BR	$1,860	$1,970	+5.9%	$1,773–$2,167
3BR	$2,290	$2,410	+5.2%	$2,169–$2,651
4BR	$2,910	$3,060	+5.2%	$2,754–$3,366

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28108
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,740	$1,810	$1,970	$2,410	$3,060
FY 2026	$1,620	$1,700	$1,860	$2,290	$2,910
FY 2025	$1,740	$1,810	$2,000	$2,470	$3,130
FY 2024	$1,500	$1,550	$1,740	$2,170	$2,770
FY 2023	$1,270	$1,300	$1,470	$1,860	$2,410

Two-bedroom rent in nearby Union County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 28108
28079	$2,360	+19.8%
28103	$1,300	−34.0%
28104	$2,150	+9.1%
28105	$1,970	0.0%
28107	$1,440	−26.9%
28108Current	$1,970	—
28110	$1,620	−17.8%
28111	$1,760	−10.7%
28112	$1,360	−31.0%
28133	$1,250	−36.5%
28135	$1,320	−33.0%
28173	$2,110	+7.1%

Questions about ZIP 28108 rents

How much will Section 8 pay for a two-bedroom in ZIP 28108?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,970, that basic range is $1,773 to $2,167 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 28108 in?

ZIP 28108 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 28108 for FY 2027?

The two-bedroom FMR rose 5.9%, from $1,860 in FY 2026 to $1,970 in FY 2027. Since FY 2023 it has risen 34.0%.

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 rent Mineral Springs, NC fair market rent NC statewide rents What is SAFMR?Data sources