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Mecklenburg County/Charlotte/28227

28227

ZIPSAFMR
Mecklenburg County, NC
Zillow

ZIP Investment Score

87Below average

095130300
BRFMR
Eff. Rent
0 BR$1,560$1,500
1 BR$1,630$1,450
2 BR$1,770$1,790
3 BR$2,160$1,990
4 BR$2,750$2,490
5 BR$3,162Not available
6 BR$3,637Not available
7 BR$4,182Not available
8 BR$4,810Not available

Purchase Price Calculator

Maximum purchase price
$204,077

Cost breakdown

+Likely effective rent$1,790
HUD FMR$1,770
Market rent$1,800
Est. payment standard (101%)Used$1,790
-Principal and interest-$1,032
Loan amount$163,261
Down payment$40,815
Rate6.50%
Term30 years
-Operating costs-$558
Property taxes-$204
Insurance-$175
Utilities$0
HOA$0
Management-$179
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$28,741(70.4% ROI)
Projected value
$219,768
Return breakdown
Property appreciation+$15,692
Loan principal paid down+$5,849
Rental cash flow+$7,200
5-year hold
+$49,248(120.7% ROI)
Projected value
$230,894
Return breakdown
Property appreciation+$26,817
Loan principal paid down+$10,431
Rental cash flow+$12,000
10-year hold
+$106,013(259.7% ROI)
Projected value
$261,236
Return breakdown
Property appreciation+$57,159
Loan principal paid down+$24,855
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.04
1 BR
1.12
2 BR
0.98
3 BR
1.09
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 28227 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28227 (Charlotte, NC) is $1,770 a month. That is down 2.7% from $1,820 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, 28227 has the 66th-highest two-bedroom rent (county range $1,440–$2,680). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28227 is 55% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28227
BedroomsFY 2027Change90–110% range
Studio$1,560−1.9%$1,404–$1,716
1BR$1,630−1.8%$1,467–$1,793
2BR$1,770−2.7%$1,593–$1,947
3BR$2,160−3.6%$1,944–$2,376
4BR$2,750−3.5%$2,475–$3,025

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28227
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,560$1,630$1,770$2,160$2,750
FY 2026$1,590$1,660$1,820$2,240$2,850
FY 2025$1,650$1,720$1,900$2,340$2,970
FY 2024$1,390$1,430$1,600$1,990$2,550
FY 2023$1,190$1,210$1,370$1,740$2,240

Two-bedroom rent in nearby Mecklenburg County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28227
28221$1,890+6.8%
28222$1,890+6.8%
28223$1,920+8.5%
28224$1,890+6.8%
28226$1,830+3.4%
28227Current$1,770—
28228$1,890+6.8%
28229$1,890+6.8%
28230$1,890+6.8%
28231$1,890+6.8%
28232$1,890+6.8%
28233$1,890+6.8%

Questions about ZIP 28227 rents

How much will Section 8 pay for a two-bedroom in ZIP 28227?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,770, that basic range is $1,593 to $1,947 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 28227 in?

ZIP 28227 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 28227 for FY 2027?

The two-bedroom FMR fell 2.7%, from $1,820 in FY 2026 to $1,770 in FY 2027. Since FY 2023 it has risen 29.2%.

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