Skip to main content
Loading page
Pamlico County/Merritt/28556

28556

ZIPSAFMR
Pamlico County, NC
Zillow

ZIP Investment Score

52Below average

095130300
BRFMR
Eff. Rent
0 BR$1,010$1,010
1 BR$1,020$1,020
2 BR$1,260$1,260
3 BR$1,520$1,520
4 BR$1,910$1,910
5 BR$2,197Not available
6 BR$2,526Not available
7 BR$2,905Not available
8 BR$3,341Not available

Purchase Price Calculator

Maximum purchase price
$125,319

Cost breakdown

+Likely effective rent$1,260
HUD FMRUsed$1,260
Market rentN/A
Est. payment standardN/A
-Principal and interest-$634
Loan amount$100,255
Down payment$25,064
Rate6.50%
Term30 years
-Operating costs-$426
Property taxes-$125
Insurance-$175
Utilities$0
HOA$0
Management-$126
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,428(81.5% ROI)
Projected value
$134,955
Return breakdown
Property appreciation+$9,636
Loan principal paid down+$3,592
Rental cash flow+$7,200
5-year hold
+$34,873(139.1% ROI)
Projected value
$141,787
Return breakdown
Property appreciation+$16,468
Loan principal paid down+$6,405
Rental cash flow+$12,000
10-year hold
+$74,363(296.7% ROI)
Projected value
$160,419
Return breakdown
Property appreciation+$35,100
Loan principal paid down+$15,263
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28556 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28556 (Merritt, NC) is $1,260 a month. That is up 9.6% from $1,150 in FY 2026. Merritt is in the Pamlico 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 $1,088. Among 11 ZIP codes in Pamlico County, 28556 has the 3rd-highest two-bedroom rent (county range $1,010–$1,480). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28556 is 10% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28556
BedroomsFY 2027Change90–110% range
Studio$1,010+9.8%$909–$1,111
1BR$1,020+9.7%$918–$1,122
2BR$1,260+9.6%$1,134–$1,386
3BR$1,520+10.1%$1,368–$1,672
4BR$1,910+10.4%$1,719–$2,101

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28556
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,010$1,020$1,260$1,520$1,910
FY 2026$920$930$1,150$1,380$1,730
FY 2025$910$920$1,210$1,460$1,600
FY 2024$900$910$1,190$1,440$1,650
FY 2023$820$820$1,080$1,310$1,670

Two-bedroom rent in nearby Pamlico County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28556
28509$1,090−13.5%
28510$1,320+4.8%
28515$1,010−19.8%
28529$1,010−19.8%
28537$1,010−19.8%
28552$1,130−10.3%
28556Current$1,260—
28560$1,170−7.1%
28571$1,480+17.5%
28583$1,090−13.5%
28587$1,010−19.8%

Questions about ZIP 28556 rents

How much will Section 8 pay for a two-bedroom in ZIP 28556?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,088, which applies unless the housing authority uses Small Area FMRs, that basic range is $979 to $1,197 a month; under the ZIP-level Small Area FMR of $1,260 it would be $1,134 to $1,386. 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 28556 in?

ZIP 28556 is in the Pamlico County, NC non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,088.

How much did fair market rent change in ZIP 28556 for FY 2027?

The two-bedroom FMR rose 9.6%, from $1,150 in FY 2026 to $1,260 in FY 2027. Since FY 2023 it has risen 16.7%.

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

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