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Lenoir County/Seven Springs/28578

28578

ZIPSAFMR
Lenoir County, NC
Zillow

ZIP Investment Score

117Above average

095130300
BRFMR
Eff. Rent
0 BR$850$850
1 BR$860$860
2 BR$1,120$1,120
3 BR$1,360$1,360
4 BR$1,820$1,820
5 BR$2,093Not available
6 BR$2,407Not available
7 BR$2,768Not available
8 BR$3,183Not available

Purchase Price Calculator

Maximum purchase price
$104,515

Cost breakdown

+Likely effective rent$1,120
HUD FMRUsed$1,120
Market rentN/A
Est. payment standardN/A
-Principal and interest-$528
Loan amount$83,612
Down payment$20,903
Rate6.50%
Term30 years
-Operating costs-$392
Property taxes-$105
Insurance-$175
Utilities$0
HOA$0
Management-$112
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,232(87.2% ROI)
Projected value
$112,551
Return breakdown
Property appreciation+$8,036
Loan principal paid down+$2,996
Rental cash flow+$7,200
5-year hold
+$31,076(148.7% ROI)
Projected value
$118,249
Return breakdown
Property appreciation+$13,734
Loan principal paid down+$5,342
Rental cash flow+$12,000
10-year hold
+$66,002(315.8% ROI)
Projected value
$133,788
Return breakdown
Property appreciation+$29,273
Loan principal paid down+$12,729
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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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
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Tax rate
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Mortgage rate
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ZIP 28578 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28578 (Seven Springs, NC) is $1,120 a month. That is up 0.9% from $1,110 in FY 2026. Seven Springs is in the Lenoir 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 $1,012. Among 10 ZIP codes in Lenoir County, 28578 is tied for the highest two-bedroom rent (county range $1,010–$1,120). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28578 is 2% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28578
BedroomsFY 2027Change90–110% range
Studio$8500.0%$765–$935
1BR$860+1.2%$774–$946
2BR$1,120+0.9%$1,008–$1,232
3BR$1,3600.0%$1,224–$1,496
4BR$1,820+3.4%$1,638–$2,002

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28578
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$850$860$1,120$1,360$1,820
FY 2026$850$850$1,110$1,360$1,760
FY 2025$780$780$1,020$1,280$1,650
FY 2024$700$700$920$1,140$1,540
FY 2023$580$590$770$960$1,310

Two-bedroom rent in nearby Lenoir County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28578
28501$1,080−3.6%
28504$1,050−6.2%
28525$1,010−9.8%
28526$1,080−3.6%
28530$1,080−3.6%
28538$1,080−3.6%
28551$1,1200.0%
28572$1,060−5.4%
28578Current$1,120—
28580$1,010−9.8%

Questions about ZIP 28578 rents

How much will Section 8 pay for a two-bedroom in ZIP 28578?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,012, which applies unless the housing authority uses Small Area FMRs, that basic range is $911 to $1,113 a month; under the ZIP-level Small Area FMR of $1,120 it would be $1,008 to $1,232. 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 28578 in?

ZIP 28578 is in the Lenoir County, NC non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,012.

How much did fair market rent change in ZIP 28578 for FY 2027?

The two-bedroom FMR rose 0.9%, from $1,110 in FY 2026 to $1,120 in FY 2027. Since FY 2023 it has risen 45.5%.

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