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Carteret County/Harkers Island/28531

28531

ZIPSAFMR
Carteret County, NC
Zillow

ZIP Investment Score

51Below average

095130300
BRFMR
Eff. Rent
0 BR$930$1,020
1 BR$930$1,020
2 BR$1,220$1,340
3 BR$1,540$1,690
4 BR$2,040$2,050
5 BR$2,346Not available
6 BR$2,698Not available
7 BR$3,103Not available
8 BR$3,568Not available

Purchase Price Calculator

Maximum purchase price
$137,207

Cost breakdown

+Likely effective rent$1,340
HUD FMR$1,220
Market rent$1,750
Est. payment standard (110%)Used$1,340
-Principal and interest-$694
Loan amount$109,766
Down payment$27,441
Rate6.50%
Term30 years
-Operating costs-$446
Property taxes-$137
Insurance-$175
Utilities$0
HOA$0
Management-$134
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,683(79.0% ROI)
Projected value
$147,757
Return breakdown
Property appreciation+$10,550
Loan principal paid down+$3,933
Rental cash flow+$7,200
5-year hold
+$37,043(135.0% ROI)
Projected value
$155,237
Return breakdown
Property appreciation+$18,030
Loan principal paid down+$7,013
Rental cash flow+$12,000
10-year hold
+$79,140(288.4% ROI)
Projected value
$175,637
Return breakdown
Property appreciation+$38,430
Loan principal paid down+$16,711
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.53
1 BR
0.56
2 BR
0.70
3 BR
0.78
4 BR
0.99
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28531 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28531 (Harkers Island, NC) is $1,220 a month. That is up 2.5% from $1,190 in FY 2026. Harkers Island is in the Carteret County, NC non-metropolitan 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 county-wide two-bedroom FMR of $1,277. Among 20 ZIP codes in Carteret County, 28531 is tied for the 17th-highest two-bedroom rent (county range $1,090–$1,860). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28531 is 7% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28531
BedroomsFY 2027Change90–110% range
Studio$930+3.3%$837–$1,023
1BR$930+2.2%$837–$1,023
2BR$1,220+2.5%$1,098–$1,342
3BR$1,540−0.6%$1,386–$1,694
4BR$2,040+4.1%$1,836–$2,244

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28531
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$930$930$1,220$1,540$2,040
FY 2026$900$910$1,190$1,550$1,960
FY 2025$1,000$1,010$1,320$1,720$2,170
FY 2024area FMR$820$826$1,085$1,454$1,812
FY 2023area FMR$757$762$1,003$1,365$1,708

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Carteret County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28531
28511$1,240+1.6%
28512$1,250+2.5%
28516$1,090−10.7%
28520$1,280+4.9%
28524$1,280+4.9%
28528$1,280+4.9%
28531Current$1,220—
28532$1,410+15.6%
28553$1,280+4.9%
28555$1,310+7.4%
28557$1,350+10.7%
28570$1,170−4.1%

Questions about ZIP 28531 rents

How much will Section 8 pay for a two-bedroom in ZIP 28531?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,277, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,149 to $1,405 a month; under the ZIP-level Small Area FMR of $1,220 it would be $1,098 to $1,342. 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 28531 in?

ZIP 28531 is in the Carteret County, NC non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,277.

How much did fair market rent change in ZIP 28531 for FY 2027?

The two-bedroom FMR rose 2.5%, from $1,190 in FY 2026 to $1,220 in FY 2027. Since FY 2025 it has fallen 7.6%.

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