FMR is below market; voucher rent may lag private rents.
0.78
1 BR
1 BR
0.83ratio
FMR$1,050
Market$1,270
vs market-$220
FMR is below market; voucher rent may lag private rents.
0.83
2 BR
2 BR
0.88ratio
FMR$1,250
Market$1,420
vs market-$170
FMR is below market; voucher rent may lag private rents.
0.88
3 BR
3 BR
0.87ratio
FMR$1,520
Market$1,750
vs market-$230
FMR is below market; voucher rent may lag private rents.
0.87
4 BR
4 BR
0.84ratio
FMR$1,860
Market$2,210
vs market-$350
FMR is below market; voucher rent may lag private rents.
0.84
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 28603 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28603 (Hickory, NC) is $1,250 a month. That is up 6.8% from $1,170 in FY 2026. Hickory is in the Hickory-Lenoir-Morganton, NC MSA. 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 $1,147. Among 16 ZIP codes in Catawba County, 28603 is tied for the 7th-highest two-bedroom rent (county range $1,010–$1,720). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28603 is 9% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 28603
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$920
$1,050
+14.1%
$945–$1,155
1BR
$970
$1,050
+8.2%
$945–$1,155
2BR
$1,170
$1,250
+6.8%
$1,125–$1,375
3BR
$1,470
$1,520
+3.4%
$1,368–$1,672
4BR
$1,770
$1,860
+5.1%
$1,674–$2,046
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 28603
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,050
$1,050
$1,250
$1,520
$1,860
FY 2026
$920
$970
$1,170
$1,470
$1,770
FY 2025
$870
$900
$1,110
$1,420
$1,660
FY 2024
$850
$880
$1,070
$1,390
$1,590
FY 2023
$690
$690
$840
$1,100
$1,250
Two-bedroom rent in nearby Catawba County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 28603?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,147, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,032 to $1,262 a month; under the ZIP-level Small Area FMR of $1,250 it would be $1,125 to $1,375. 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 28603 in?
ZIP 28603 is in the Hickory-Lenoir-Morganton, NC MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,147.
How much did fair market rent change in ZIP 28603 for FY 2027?
The two-bedroom FMR rose 6.8%, from $1,170 in FY 2026 to $1,250 in FY 2027. Since FY 2023 it has risen 48.8%.
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