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Carteret County/Emerald Isle/28594

28594

ZIPSAFMR
Carteret County, NC
Zillow

ZIP Investment Score

43Below average

095130300
BRFMR
Eff. Rent
0 BR$1,410$1,550
1 BR$1,420$1,560
2 BR$1,860$2,050
3 BR$2,340$2,410
4 BR$3,110$2,860
5 BR$3,576Not available
6 BR$4,113Not available
7 BR$4,730Not available
8 BR$5,439Not available

Purchase Price Calculator

Maximum purchase price
$242,713

Cost breakdown

+Likely effective rent$2,050
HUD FMR$1,860
Market rent$2,350
Est. payment standard (110%)Used$2,050
-Principal and interest-$1,227
Loan amount$194,170
Down payment$48,543
Rate6.50%
Term30 years
-Operating costs-$623
Property taxes-$243
Insurance-$175
Utilities$0
HOA$0
Management-$205
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,819(67.6% ROI)
Projected value
$261,375
Return breakdown
Property appreciation+$18,662
Loan principal paid down+$6,957
Rental cash flow+$7,200
5-year hold
+$56,300(116.0% ROI)
Projected value
$274,607
Return breakdown
Property appreciation+$31,894
Loan principal paid down+$12,406
Rental cash flow+$12,000
10-year hold
+$121,540(250.4% ROI)
Projected value
$310,693
Return breakdown
Property appreciation+$67,980
Loan principal paid down+$29,560
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.61
1 BR
0.63
2 BR
0.79
3 BR
0.96
4 BR
1.09
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28594 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28594 (Emerald Isle, NC) is $1,860 a month. That is up 10.1% from $1,690 in FY 2026. Emerald Isle 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, 28594 has the highest two-bedroom rent (county range $1,090–$1,860). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28594 is 62% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28594
BedroomsFY 2027Change90–110% range
Studio$1,410+10.2%$1,269–$1,551
1BR$1,420+10.1%$1,278–$1,562
2BR$1,860+10.1%$1,674–$2,046
3BR$2,340+7.8%$2,106–$2,574
4BR$3,110+12.3%$2,799–$3,421

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28594
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,410$1,420$1,860$2,340$3,110
FY 2026$1,280$1,290$1,690$2,170$2,770
FY 2025$1,260$1,270$1,660$2,160$2,730
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. 28594
28553$1,280−31.2%
28555$1,310−29.6%
28557$1,350−27.4%
28570$1,170−37.1%
28575$1,250−32.8%
28577$1,240−33.3%
28579$1,280−31.2%
28581$1,280−31.2%
28582$1,220−34.4%
28584$1,580−15.1%
28589$1,280−31.2%
28594Current$1,860—

Questions about ZIP 28594 rents

How much will Section 8 pay for a two-bedroom in ZIP 28594?

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 $1,860 it would be $1,674 to $2,046. 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 28594 in?

ZIP 28594 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 28594 for FY 2027?

The two-bedroom FMR rose 10.1%, from $1,690 in FY 2026 to $1,860 in FY 2027. Since FY 2025 it has risen 12.0%.

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