FMR is below market; voucher rent may lag private rents.
0.62
1 BR
1 BR
0.91ratio
FMR$1,570
Market$1,720
vs market-$150
FMR is near market; voucher and private rents are aligned.
0.91
2 BR
2 BR
1.01ratio
FMR$1,710
Market$1,690
vs market+$20
FMR is near market; voucher and private rents are aligned.
1.01
3 BR
3 BR
1.07ratio
FMR$2,250
Market$2,100
vs market+$150
FMR is near market; voucher and private rents are aligned.
1.07
4 BR
4 BR
0.87ratio
FMR$2,250
Market$2,580
vs market-$330
FMR is below market; voucher rent may lag private rents.
0.87
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 28402 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28402 (Wilmington, NC) is $1,710 a month. That is up 3.0% from $1,660 in FY 2026. Wilmington is in the Wilmington, NC HUD Metro 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 metro-wide two-bedroom FMR of $1,705. Among 15 ZIP codes in New Hanover County, 28402 is tied for the 8th-highest two-bedroom rent (county range $1,500–$2,560). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28402 is 49% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 28402
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,140
$1,190
+4.4%
$1,071–$1,309
1BR
$1,510
$1,570
+4.0%
$1,413–$1,727
2BR
$1,660
$1,710
+3.0%
$1,539–$1,881
3BR
$2,180
$2,250
+3.2%
$2,025–$2,475
4BR
$2,320
$2,250
−3.0%
$2,025–$2,475
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 28402
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,190
$1,570
$1,710
$2,250
$2,250
FY 2026
$1,140
$1,510
$1,660
$2,180
$2,320
FY 2025
$1,080
$1,430
$1,580
$2,090
$2,490
FY 2024
$1,030
$1,350
$1,520
$2,010
$2,570
FY 2023
$850
$1,110
$1,260
$1,670
$2,150
Two-bedroom rent in nearby New Hanover County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 28402?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,705, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,535 to $1,876 a month; under the ZIP-level Small Area FMR of $1,710 it would be $1,539 to $1,881. 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 28402 in?
ZIP 28402 is in the Wilmington, NC HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,705.
How much did fair market rent change in ZIP 28402 for FY 2027?
The two-bedroom FMR rose 3.0%, from $1,660 in FY 2026 to $1,710 in FY 2027. Since FY 2023 it has risen 35.7%.
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