Mecklenburg County/Charlotte/28208

28208

ZIPSAFMR

Mecklenburg County, NC

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ZIP Investment Score

94Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,320	$1,260	4.7%
1 BR	$1,380	$1,300	5.4%
2 BR	$1,500	$1,520	4.1%
3 BR	$1,830	$1,880	3.3%
4 BR	$2,330	$2,160	3.2%
5 BR	$2,680	Not available	3.2%
6 BR	$3,081	Not available	3.2%
7 BR	$3,544	Not available	3.2%
8 BR	$4,075	Not available	3.2%

Purchase Price Calculator

Maximum purchase price

$163,955

Cost breakdown

+Likely effective rent$1,520

HUD FMR$1,500

Market rent$1,530

Est. payment standard (101%)Used$1,520

-Principal and interest-$829

Loan amount$131,164

Down payment$32,791

Rate6.50%

Term30 years

-Operating costs-$491

Property taxes-$164

Insurance-$175

Utilities$0

HOA$0

Management-$152

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$24,506(74.7% ROI)

Projected value

$176,561

Return breakdown

Property appreciation+$12,607

Loan principal paid down+$4,699

Rental cash flow+$7,200

5-year hold

+$41,925(127.9% ROI)

Projected value

$185,500

Return breakdown

Property appreciation+$21,545

Loan principal paid down+$8,380

Rental cash flow+$12,000

10-year hold

+$89,889(274.1% ROI)

Projected value

$209,876

Return breakdown

Property appreciation+$45,921

Loan principal paid down+$19,968

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.05ratio

FMR$1,320

Market$1,260

vs market+$60

FMR is near market; voucher and private rents are aligned.

1.05

1 BR

1.06ratio

FMR$1,380

Market$1,300

vs market+$80

FMR is near market; voucher and private rents are aligned.

1.06

2 BR

0.98ratio

FMR$1,500

Market$1,530

vs market-$30

FMR is near market; voucher and private rents are aligned.

0.98

3 BR

0.96ratio

FMR$1,830

Market$1,910

vs market-$80

FMR is near market; voucher and private rents are aligned.

0.96

4 BR

1.08ratio

FMR$2,330

Market$2,160

vs market+$170

FMR is near market; voucher and private rents are aligned.

1.08

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 28208 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28208 (Charlotte, NC) is $1,500 a month. That is up 2.0% from $1,470 in FY 2026. Charlotte is in the Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 72 ZIP codes in Mecklenburg County, 28208 has the 71st-highest two-bedroom rent (county range $1,440–$2,680). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28208 is 31% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28208
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,280	$1,320	+3.1%	$1,188–$1,452
1BR	$1,340	$1,380	+3.0%	$1,242–$1,518
2BR	$1,470	$1,500	+2.0%	$1,350–$1,650
3BR	$1,810	$1,830	+1.1%	$1,647–$2,013
4BR	$2,300	$2,330	+1.3%	$2,097–$2,563

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28208
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,320	$1,380	$1,500	$1,830	$2,330
FY 2026	$1,280	$1,340	$1,470	$1,810	$2,300
FY 2025	$1,370	$1,420	$1,570	$1,940	$2,460
FY 2024	$1,150	$1,180	$1,330	$1,660	$2,120
FY 2023	$1,000	$1,020	$1,150	$1,460	$1,880

Two-bedroom rent in nearby Mecklenburg County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 28208
28202	$2,680	+78.7%
28203	$2,680	+78.7%
28204	$2,380	+58.7%
28205	$1,680	+12.0%
28206	$1,580	+5.3%
28207	$1,960	+30.7%
28208Current	$1,500	—
28209	$1,930	+28.7%
28210	$1,940	+29.3%
28211	$2,090	+39.3%
28212	$1,750	+16.7%
28213	$1,650	+10.0%

Questions about ZIP 28208 rents

How much will Section 8 pay for a two-bedroom in ZIP 28208?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,500, that basic range is $1,350 to $1,650 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 28208 in?

ZIP 28208 is in the Charlotte-Concord-Gastonia, NC-SC 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 28208 for FY 2027?

The two-bedroom FMR rose 2.0%, from $1,470 in FY 2026 to $1,500 in FY 2027. Since FY 2023 it has risen 30.4%.

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 rent Charlotte, NC fair market rent NC statewide rents What is SAFMR?Data sources