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Rowan County/Mooresville/28115

28115

ZIPSAFMR
Rowan County, NC
Zillow

ZIP Investment Score

63Below average

095130300
BRFMR
Eff. Rent
0 BR$1,300$1,340
1 BR$1,360$1,320
2 BR$1,490$1,490
3 BR$1,970$1,760
4 BR$2,480$2,140
5 BR$2,852Not available
6 BR$3,280Not available
7 BR$3,772Not available
8 BR$4,338Not available

Purchase Price Calculator

Maximum purchase price
$159,497

Cost breakdown

+Likely effective rent$1,490
HUD FMR$1,490
Market rent$1,490
Est. payment standard (100%)Used$1,490
-Principal and interest-$807
Loan amount$127,598
Down payment$31,899
Rate6.50%
Term30 years
-Operating costs-$483
Property taxes-$159
Insurance-$175
Utilities$0
HOA$0
Management-$149
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,035(75.3% ROI)
Projected value
$171,761
Return breakdown
Property appreciation+$12,264
Loan principal paid down+$4,572
Rental cash flow+$7,200
5-year hold
+$41,111(128.9% ROI)
Projected value
$180,456
Return breakdown
Property appreciation+$20,959
Loan principal paid down+$8,152
Rental cash flow+$12,000
10-year hold
+$88,098(276.2% ROI)
Projected value
$204,170
Return breakdown
Property appreciation+$44,673
Loan principal paid down+$19,425
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.96
1 BR
1.03
2 BR
1.00
3 BR
1.12
4 BR
1.16
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28115 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28115 (Mooresville, NC) is $1,490 a month. That is up 8.8% from $1,370 in FY 2026. Mooresville is in the Rowan County, NC HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,262. Among 22 ZIP codes in Rowan County, 28115 has the 2nd-highest two-bedroom rent (county range $1,020–$2,040). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28115 is 30% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28115
BedroomsFY 2027Change90–110% range
Studio$1,300+9.2%$1,170–$1,430
1BR$1,360+8.8%$1,224–$1,496
2BR$1,490+8.8%$1,341–$1,639
3BR$1,970+6.5%$1,773–$2,167
4BR$2,480+7.4%$2,232–$2,728

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28115
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,300$1,360$1,490$1,970$2,480
FY 2026$1,190$1,250$1,370$1,850$2,310
FY 2025$1,240$1,280$1,430$1,960$2,400
FY 2024$1,080$1,100$1,240$1,700$2,100
FY 2023$920$940$1,060$1,430$1,800

Two-bedroom rent in nearby Rowan County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28115
28081$1,350−9.4%
28083$1,420−4.7%
28088$1,280−14.1%
28115Current$1,490—
28125$1,390−6.7%
28127$1,020−31.5%
28137$1,310−12.1%
28138$1,250−16.1%
28144$1,310−12.1%
28145$1,260−15.4%
28146$1,140−23.5%
28147$1,320−11.4%

Questions about ZIP 28115 rents

How much will Section 8 pay for a two-bedroom in ZIP 28115?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,262, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,136 to $1,388 a month; under the ZIP-level Small Area FMR of $1,490 it would be $1,341 to $1,639. 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 28115 in?

ZIP 28115 is in the Rowan County, NC HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,262.

How much did fair market rent change in ZIP 28115 for FY 2027?

The two-bedroom FMR rose 8.8%, from $1,370 in FY 2026 to $1,490 in FY 2027. Since FY 2023 it has risen 40.6%.

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