Skip to main content
Loading page
New Hanover County/Wilmington/28405

28405

ZIPSAFMR
New Hanover County, NC
Zillow

ZIP Investment Score

83Below average

095130300
BRFMR
Eff. Rent
0 BR$1,210$1,330
1 BR$1,600$1,540
2 BR$1,740$1,910
3 BR$2,280$2,220
4 BR$2,290$2,520
5 BR$2,634Not available
6 BR$3,029Not available
7 BR$3,483Not available
8 BR$4,005Not available

Purchase Price Calculator

Maximum purchase price
$221,909

Cost breakdown

+Likely effective rent$1,910
HUD FMR$1,740
Market rent$2,020
Est. payment standard (110%)Used$1,910
-Principal and interest-$1,122
Loan amount$177,527
Down payment$44,382
Rate6.50%
Term30 years
-Operating costs-$588
Property taxes-$222
Insurance-$175
Utilities$0
HOA$0
Management-$191
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$30,623(69.0% ROI)
Projected value
$238,971
Return breakdown
Property appreciation+$17,063
Loan principal paid down+$6,360
Rental cash flow+$7,200
5-year hold
+$52,503(118.3% ROI)
Projected value
$251,069
Return breakdown
Property appreciation+$29,161
Loan principal paid down+$11,342
Rental cash flow+$12,000
10-year hold
+$113,180(255.0% ROI)
Projected value
$284,062
Return breakdown
Property appreciation+$62,153
Loan principal paid down+$27,026
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.64
1 BR
1.04
2 BR
0.86
3 BR
1.03
4 BR
0.69
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28405 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28405 (Wilmington, NC) is $1,740 a month. That is up 1.8% from $1,710 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, 28405 has the 7th-highest two-bedroom rent (county range $1,500–$2,560). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28405 is 52% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28405
BedroomsFY 2027Change90–110% range
Studio$1,210+2.5%$1,089–$1,331
1BR$1,600+2.6%$1,440–$1,760
2BR$1,740+1.8%$1,566–$1,914
3BR$2,280+1.8%$2,052–$2,508
4BR$2,290−4.2%$2,061–$2,519

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28405
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,210$1,600$1,740$2,280$2,290
FY 2026$1,180$1,560$1,710$2,240$2,390
FY 2025$1,120$1,480$1,640$2,170$2,580
FY 2024$1,060$1,390$1,560$2,060$2,640
FY 2023$880$1,140$1,300$1,720$2,210

Two-bedroom rent in nearby New Hanover County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28405
28401$1,500−13.8%
28402$1,710−1.7%
28403$1,690−2.9%
28404$1,710−1.7%
28405Current$1,740—
28406$1,710−1.7%
28408$1,710−1.7%
28409$1,940+11.5%
28410$1,710−1.7%
28411$2,100+20.7%
28412$1,780+2.3%
28428$1,840+5.7%

Questions about ZIP 28405 rents

How much will Section 8 pay for a two-bedroom in ZIP 28405?

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 $1,740 it would be $1,566 to $1,914. 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 28405 in?

ZIP 28405 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 28405 for FY 2027?

The two-bedroom FMR rose 1.8%, from $1,710 in FY 2026 to $1,740 in FY 2027. Since FY 2023 it has risen 33.8%.

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