FMR is near market; voucher and private rents are aligned.
1.00
1 BR
1 BR
0.90ratio
FMR$990
Market$1,100
vs market-$110
FMR is near market; voucher and private rents are aligned.
0.90
2 BR
2 BR
0.92ratio
FMR$1,100
Market$1,190
vs market-$90
FMR is near market; voucher and private rents are aligned.
0.92
3 BR
3 BR
0.87ratio
FMR$1,430
Market$1,650
vs market-$220
FMR is below market; voucher rent may lag private rents.
0.87
4 BR
4 BR
0.91ratio
FMR$1,670
Market$1,840
vs market-$170
FMR is near market; voucher and private rents are aligned.
0.91
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 28169 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28169 (Waco, NC) is $1,100 a month. That is up 18.3% from $930 in FY 2026. Waco 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, 28169 has the 3rd-highest two-bedroom rent (county range $1,010–$1,130). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28169 is 4% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 28169
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$760
$960
+26.3%
$864–$1,056
1BR
$760
$990
+30.3%
$891–$1,089
2BR
$930
$1,100
+18.3%
$990–$1,210
3BR
$1,290
$1,430
+10.9%
$1,287–$1,573
4BR
$1,320
$1,670
+26.5%
$1,503–$1,837
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 28169
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$960
$990
$1,100
$1,430
$1,670
FY 2026
$760
$760
$930
$1,290
$1,320
FY 2025
$700
$710
$930
$1,300
$1,400
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
How much will Section 8 pay for a two-bedroom in ZIP 28169?
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 $1,100 it would be $990 to $1,210. 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 28169 in?
ZIP 28169 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 28169 for FY 2027?
The two-bedroom FMR rose 18.3%, from $930 in FY 2026 to $1,100 in FY 2027. Since FY 2025 it has risen 18.3%.
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