Skip to main content
Loading page
Rowan County/Rockwell/28138

28138

ZIPSAFMR
Rowan County, NC
Zillow

ZIP Investment Score

79Below average

095130300
BRFMR
Eff. Rent
0 BR$990$1,090
1 BR$1,010$1,110
2 BR$1,250$1,380
3 BR$1,580$1,660
4 BR$2,070$1,870
5 BR$2,381Not available
6 BR$2,738Not available
7 BR$3,148Not available
8 BR$3,620Not available

Purchase Price Calculator

Maximum purchase price
$143,151

Cost breakdown

+Likely effective rent$1,380
HUD FMR$1,250
Market rent$1,450
Est. payment standard (110%)Used$1,380
-Principal and interest-$724
Loan amount$114,521
Down payment$28,630
Rate6.50%
Term30 years
-Operating costs-$456
Property taxes-$143
Insurance-$175
Utilities$0
HOA$0
Management-$138
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$22,310(77.9% ROI)
Projected value
$154,158
Return breakdown
Property appreciation+$11,007
Loan principal paid down+$4,103
Rental cash flow+$7,200
5-year hold
+$38,128(133.2% ROI)
Projected value
$161,962
Return breakdown
Property appreciation+$18,811
Loan principal paid down+$7,317
Rental cash flow+$12,000
10-year hold
+$81,529(284.8% ROI)
Projected value
$183,245
Return breakdown
Property appreciation+$40,094
Loan principal paid down+$17,434
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.69
1 BR
0.74
2 BR
0.86
3 BR
0.93
4 BR
1.11
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28138 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28138 (Rockwell, NC) is $1,250 a month. That is up 0.8% from $1,240 in FY 2026. Rockwell is in the Rowan County, NC HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 22 ZIP codes in Rowan County, 28138 has the 13th-highest two-bedroom rent (county range $1,020–$2,040). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28138 is 9% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28138
BedroomsFY 2027Change90–110% range
Studio$9900.0%$891–$1,089
1BR$1,010+1.0%$909–$1,111
2BR$1,250+0.8%$1,125–$1,375
3BR$1,580−2.5%$1,422–$1,738
4BR$2,0700.0%$1,863–$2,277

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28138
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$990$1,010$1,250$1,580$2,070
FY 2026$990$1,000$1,240$1,620$2,070
FY 2025$1,100$1,110$1,340$1,750$2,240
FY 2024$970$980$1,170$1,540$1,780
FY 2023$800$810$980$1,270$1,410

Two-bedroom rent in nearby Rowan County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28138
28083$1,420+13.6%
28088$1,280+2.4%
28115$1,490+19.2%
28125$1,390+11.2%
28127$1,020−18.4%
28137$1,310+4.8%
28138Current$1,250—
28144$1,310+4.8%
28145$1,260+0.8%
28146$1,140−8.8%
28147$1,320+5.6%
28159$1,290+3.2%

Questions about ZIP 28138 rents

How much will Section 8 pay for a two-bedroom in ZIP 28138?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,250, that basic range is $1,125 to $1,375 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 28138 in?

ZIP 28138 is in the Rowan County, NC 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 28138 for FY 2027?

The two-bedroom FMR rose 0.8%, from $1,240 in FY 2026 to $1,250 in FY 2027. Since FY 2023 it has risen 27.6%.

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