28111

ZIPSAFMR

Union County, NC

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,550	$1,370	6.0%
1 BR	$1,620	$1,430	6.5%
2 BR	$1,760	$1,700	5.5%
3 BR	$2,150	$1,870	4.8%
4 BR	$2,730	$2,150	4.5%
5 BR	$3,139	Not available	4.5%
6 BR	$3,610	Not available	4.5%
7 BR	$4,152	Not available	4.5%
8 BR	$4,775	Not available	4.5%

Purchase Price Calculator

Maximum purchase price

$190,703

Cost breakdown

+Likely effective rent$1,700

HUD FMR$1,760

Market rentUsed$1,700

Est. payment standard (98%)$1,720

-Principal and interest-$964

Loan amount$152,562

Down payment$38,141

Rate6.50%

Term30 years

-Operating costs-$536

Property taxes-$191

Insurance-$175

Utilities$0

HOA$0

Management-$170

=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

+$27,329(71.7% ROI)

Projected value

$205,366

Return breakdown

Property appreciation+$14,663

Loan principal paid down+$5,466

Rental cash flow+$7,200

5-year hold

+$46,807(122.7% ROI)

Projected value

$215,763

Return breakdown

Property appreciation+$25,060

Loan principal paid down+$9,747

Rental cash flow+$12,000

10-year hold

+$100,639(263.9% ROI)

Projected value

$244,116

Return breakdown

Property appreciation+$53,413

Loan principal paid down+$23,226

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.13ratio

FMR$1,550

Market$1,370

vs market+$180

FMR is above market; underwrite to market rent.

1.13

1 BR

1.13ratio

FMR$1,620

Market$1,430

vs market+$190

FMR is above market; underwrite to market rent.

1.13

2 BR

1.04ratio

FMR$1,760

Market$1,700

vs market+$60

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

1.04

3 BR

1.15ratio

FMR$2,150

Market$1,870

vs market+$280

FMR is above market; underwrite to market rent.

1.15

4 BR

1.27ratio

FMR$2,730

Market$2,150

vs market+$580

FMR is above market; underwrite to market rent.

1.27

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 28111 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28111 (Monroe, NC) is $1,760 a month. That is up 7.3% from $1,640 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, 28111 has the 7th-highest two-bedroom rent (county range $1,250–$2,360). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28111 is 54% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28111
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,430	$1,550	+8.4%	$1,395–$1,705
1BR	$1,500	$1,620	+8.0%	$1,458–$1,782
2BR	$1,640	$1,760	+7.3%	$1,584–$1,936
3BR	$2,020	$2,150	+6.4%	$1,935–$2,365
4BR	$2,560	$2,730	+6.6%	$2,457–$3,003

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28111
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,550	$1,620	$1,760	$2,150	$2,730
FY 2026	$1,430	$1,500	$1,640	$2,020	$2,560
FY 2025	$1,530	$1,590	$1,760	$2,170	$2,750
FY 2024	$1,300	$1,340	$1,500	$1,870	$2,390
FY 2023	$1,120	$1,140	$1,290	$1,640	$2,110

Two-bedroom rent in nearby Union County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 28111
28079	$2,360	+34.1%
28103	$1,300	−26.1%
28104	$2,150	+22.2%
28105	$1,970	+11.9%
28107	$1,440	−18.2%
28108	$1,970	+11.9%
28110	$1,620	−8.0%
28111Current	$1,760	—
28112	$1,360	−22.7%
28133	$1,250	−29.0%
28135	$1,320	−25.0%
28173	$2,110	+19.9%

Questions about ZIP 28111 rents

How much will Section 8 pay for a two-bedroom in ZIP 28111?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,760, that basic range is $1,584 to $1,936 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 28111 in?

ZIP 28111 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 28111 for FY 2027?

The two-bedroom FMR rose 7.3%, from $1,640 in FY 2026 to $1,760 in FY 2027. Since FY 2023 it has risen 36.4%.

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