FMR is below market; voucher rent may lag private rents.
0.50
1 BR
1 BR
0.72ratio
FMR$1,120
Market$1,560
vs market-$440
FMR is below market; voucher rent may lag private rents.
0.72
2 BR
2 BR
0.70ratio
FMR$1,230
Market$1,760
vs market-$530
FMR is below market; voucher rent may lag private rents.
0.70
3 BR
3 BR
0.81ratio
FMR$1,710
Market$2,120
vs market-$410
FMR is below market; voucher rent may lag private rents.
0.81
4 BR
4 BR
0.81ratio
FMR$2,060
Market$2,540
vs market-$480
FMR is below market; voucher rent may lag private rents.
0.81
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
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ZIP 28388 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28388 (Southern Pines, NC) is $1,230 a month. That is down 9.6% from $1,360 in FY 2026. Southern Pines is in the Pinehurst-Southern Pines, NC MSA. 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 $1,223. Among 22 ZIP codes in Moore County, 28388 is tied for the 8th-highest two-bedroom rent (county range $1,020–$1,800). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28388 is 7% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 28388
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,160
$1,050
−9.5%
$945–$1,155
1BR
$1,240
$1,120
−9.7%
$1,008–$1,232
2BR
$1,360
$1,230
−9.6%
$1,107–$1,353
3BR
$1,890
$1,710
−9.5%
$1,539–$1,881
4BR
$2,280
$2,060
−9.6%
$1,854–$2,266
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 28388
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,050
$1,120
$1,230
$1,710
$2,060
FY 2026
$1,160
$1,240
$1,360
$1,890
$2,280
FY 2025
$990
$1,030
$1,140
$1,600
$1,910
FY 2024area FMR
$863
$886
$995
$1,402
$1,689
FY 2023area FMR
$774
$808
$913
$1,276
$1,555
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
How much will Section 8 pay for a two-bedroom in ZIP 28388?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,223, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,101 to $1,345 a month; under the ZIP-level Small Area FMR of $1,230 it would be $1,107 to $1,353. 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 28388 in?
ZIP 28388 is in the Pinehurst-Southern Pines, NC MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,223.
How much did fair market rent change in ZIP 28388 for FY 2027?
The two-bedroom FMR fell 9.6%, from $1,360 in FY 2026 to $1,230 in FY 2027. Since FY 2025 it has risen 7.9%.
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