Skip to main content
Loading page
Cleveland County/Shelby/28150

28150

ZIPSAFMR
Cleveland County, NC
Zillow

ZIP Investment Score

110Above average

095130300
BRFMR
Eff. Rent
0 BR$880$890
1 BR$880$910
2 BR$1,040$1,090
3 BR$1,440$1,450
4 BR$1,460$1,610
5 BR$1,679Not available
6 BR$1,931Not available
7 BR$2,220Not available
8 BR$2,554Not available

Purchase Price Calculator

Maximum purchase price
$100,057

Cost breakdown

+Likely effective rent$1,090
HUD FMR$1,040
Market rent$1,110
Est. payment standard (104%)Used$1,090
-Principal and interest-$506
Loan amount$80,046
Down payment$20,011
Rate6.50%
Term30 years
-Operating costs-$384
Property taxes-$100
Insurance-$175
Utilities$0
HOA$0
Management-$109
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$17,761(88.8% ROI)
Projected value
$107,751
Return breakdown
Property appreciation+$7,693
Loan principal paid down+$2,868
Rental cash flow+$7,200
5-year hold
+$30,262(151.2% ROI)
Projected value
$113,205
Return breakdown
Property appreciation+$13,148
Loan principal paid down+$5,114
Rental cash flow+$12,000
10-year hold
+$64,210(320.9% ROI)
Projected value
$128,081
Return breakdown
Property appreciation+$28,024
Loan principal paid down+$12,186
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.99
1 BR
0.95
2 BR
0.94
3 BR
0.99
4 BR
0.83
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28150 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28150 (Shelby, NC) is $1,040 a month. That is up 9.5% from $950 in FY 2026. Shelby is in the Cleveland County, NC non-metropolitan 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 county-wide two-bedroom FMR of $1,014. Among 18 ZIP codes in Cleveland County, 28150 is tied for the 5th-highest two-bedroom rent (county range $1,010–$1,130). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28150 is 9% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28150
BedroomsFY 2027Change90–110% range
Studio$880+12.8%$792–$968
1BR$880+12.8%$792–$968
2BR$1,040+9.5%$936–$1,144
3BR$1,440+9.1%$1,296–$1,584
4BR$1,460+7.4%$1,314–$1,606

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28150
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$880$880$1,040$1,440$1,460
FY 2026$780$780$950$1,320$1,360
FY 2025$710$720$940$1,320$1,410
FY 2024area FMR$652$656$856$1,206$1,349
FY 2023area FMR$582$586$771$1,069$1,245

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Cleveland County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28150
28042$1,010−2.9%
28073$1,0400.0%
28086$1,050+1.0%
28089$1,0400.0%
28090$1,010−2.9%
28114$1,010−2.9%
28136$1,0400.0%
28150Current$1,040—
28151$1,010−2.9%
28152$1,0400.0%
28168$1,030−1.0%
28169$1,100+5.8%

Questions about ZIP 28150 rents

How much will Section 8 pay for a two-bedroom in ZIP 28150?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,014, which applies unless the housing authority uses Small Area FMRs, that basic range is $913 to $1,115 a month; under the ZIP-level Small Area FMR of $1,040 it would be $936 to $1,144. 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 28150 in?

ZIP 28150 is in the Cleveland County, NC non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,014.

How much did fair market rent change in ZIP 28150 for FY 2027?

The two-bedroom FMR rose 9.5%, from $950 in FY 2026 to $1,040 in FY 2027. Since FY 2025 it has risen 10.6%.

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