Union County/Monroe/28110

28110

ZIPSAFMR

Union County, NC

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ZIP Investment Score

89Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,430	$1,500	4.0%
1 BR	$1,490	$1,550	4.7%
2 BR	$1,620	$1,720	3.5%
3 BR	$1,980	$2,010	2.8%
4 BR	$2,520	$2,260	2.6%
5 BR	$2,898	Not available	2.6%
6 BR	$3,333	Not available	2.7%
7 BR	$3,833	Not available	2.6%
8 BR	$4,407	Not available	2.6%

Purchase Price Calculator

Maximum purchase price

$193,675

Cost breakdown

+Likely effective rent$1,720

HUD FMR$1,620

Market rent$1,770

Est. payment standard (106%)Used$1,720

-Principal and interest-$979

Loan amount$154,940

Down payment$38,735

Rate6.50%

Term30 years

-Operating costs-$541

Property taxes-$194

Insurance-$175

Utilities$0

HOA$0

Management-$172

=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

+$27,643(71.4% ROI)

Projected value

$208,567

Return breakdown

Property appreciation+$14,892

Loan principal paid down+$5,551

Rental cash flow+$7,200

5-year hold

+$47,350(122.2% ROI)

Projected value

$219,125

Return breakdown

Property appreciation+$25,450

Loan principal paid down+$9,899

Rental cash flow+$12,000

10-year hold

+$101,833(262.9% ROI)

Projected value

$247,920

Return breakdown

Property appreciation+$54,245

Loan principal paid down+$23,588

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.93ratio

FMR$1,430

Market$1,530

vs market-$100

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

0.93

1 BR

0.94ratio

FMR$1,490

Market$1,580

vs market-$90

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

0.94

2 BR

0.92ratio

FMR$1,620

Market$1,770

vs market-$150

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

0.92

3 BR

0.98ratio

FMR$1,980

Market$2,020

vs market-$40

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

0.98

4 BR

1.12ratio

FMR$2,520

Market$2,260

vs market+$260

FMR is above market; underwrite to market rent.

1.12

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 28110 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28110 (Monroe, NC) is $1,620 a month. That is up 4.5% from $1,550 in FY 2026. Monroe 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, 28110 has the 8th-highest two-bedroom rent (county range $1,250–$2,360). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28110 is 41% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28110
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,350	$1,430	+5.9%	$1,287–$1,573
1BR	$1,410	$1,490	+5.7%	$1,341–$1,639
2BR	$1,550	$1,620	+4.5%	$1,458–$1,782
3BR	$1,910	$1,980	+3.7%	$1,782–$2,178
4BR	$2,420	$2,520	+4.1%	$2,268–$2,772

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28110
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,430	$1,490	$1,620	$1,980	$2,520
FY 2026	$1,350	$1,410	$1,550	$1,910	$2,420
FY 2025	$1,470	$1,530	$1,690	$2,080	$2,640
FY 2024	$1,270	$1,300	$1,460	$1,820	$2,330
FY 2023	$1,070	$1,100	$1,240	$1,570	$2,030

Two-bedroom rent in nearby Union County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 28110
28079	$2,360	+45.7%
28103	$1,300	−19.8%
28104	$2,150	+32.7%
28105	$1,970	+21.6%
28107	$1,440	−11.1%
28108	$1,970	+21.6%
28110Current	$1,620	—
28111	$1,760	+8.6%
28112	$1,360	−16.0%
28133	$1,250	−22.8%
28135	$1,320	−18.5%
28173	$2,110	+30.2%

Questions about ZIP 28110 rents

How much will Section 8 pay for a two-bedroom in ZIP 28110?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,620, that basic range is $1,458 to $1,782 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 28110 in?

ZIP 28110 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 28110 for FY 2027?

The two-bedroom FMR rose 4.5%, from $1,550 in FY 2026 to $1,620 in FY 2027. Since FY 2023 it has risen 30.6%.

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