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Rowan County/Salisbury/28147

28147

ZIPSAFMR
Rowan County, NC
Zillow

ZIP Investment Score

70Below average

095130300
BRFMR
Eff. Rent
0 BR$1,040$1,080
1 BR$1,060$1,100
2 BR$1,320$1,360
3 BR$1,680$1,690
4 BR$2,210$2,000
5 BR$2,542Not available
6 BR$2,923Not available
7 BR$3,361Not available
8 BR$3,865Not available

Purchase Price Calculator

Maximum purchase price
$140,179

Cost breakdown

+Likely effective rent$1,360
HUD FMR$1,320
Market rent$1,380
Est. payment standard (103%)Used$1,360
-Principal and interest-$709
Loan amount$112,143
Down payment$28,036
Rate6.50%
Term30 years
-Operating costs-$451
Property taxes-$140
Insurance-$175
Utilities$0
HOA$0
Management-$136
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,996(78.5% ROI)
Projected value
$150,957
Return breakdown
Property appreciation+$10,778
Loan principal paid down+$4,018
Rental cash flow+$7,200
5-year hold
+$37,586(134.1% ROI)
Projected value
$158,600
Return breakdown
Property appreciation+$18,421
Loan principal paid down+$7,165
Rental cash flow+$12,000
10-year hold
+$80,334(286.5% ROI)
Projected value
$179,441
Return breakdown
Property appreciation+$39,262
Loan principal paid down+$17,073
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.95
1 BR
0.95
2 BR
0.96
3 BR
0.99
4 BR
1.10
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28147 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28147 (Salisbury, NC) is $1,320 a month. That is up 8.2% from $1,220 in FY 2026. Salisbury 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, 28147 has the 6th-highest two-bedroom rent (county range $1,020–$2,040). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28147 is 15% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28147
BedroomsFY 2027Change90–110% range
Studio$1,040+7.2%$936–$1,144
1BR$1,060+8.2%$954–$1,166
2BR$1,320+8.2%$1,188–$1,452
3BR$1,680+4.3%$1,512–$1,848
4BR$2,210+7.8%$1,989–$2,431

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28147
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,040$1,060$1,320$1,680$2,210
FY 2026$970$980$1,220$1,610$2,050
FY 2025$1,060$1,070$1,310$1,720$2,200
FY 2024$930$940$1,130$1,490$1,720
FY 2023$800$810$980$1,270$1,390

Two-bedroom rent in nearby Rowan County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28147
28083$1,420+7.6%
28088$1,280−3.0%
28115$1,490+12.9%
28125$1,390+5.3%
28127$1,020−22.7%
28137$1,310−0.8%
28138$1,250−5.3%
28144$1,310−0.8%
28145$1,260−4.5%
28146$1,140−13.6%
28147Current$1,320—
28159$1,290−2.3%

Questions about ZIP 28147 rents

How much will Section 8 pay for a two-bedroom in ZIP 28147?

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 $1,320 it would be $1,188 to $1,452. 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 28147 in?

ZIP 28147 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 28147 for FY 2027?

The two-bedroom FMR rose 8.2%, from $1,220 in FY 2026 to $1,320 in FY 2027. Since FY 2023 it has risen 34.7%.

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