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Watauga County/Boone/28608

28608

ZIPFMR
Watauga County, NC
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$916$920
1 BR$1,124$1,100
2 BR$1,311$1,440
3 BR$1,737$1,910
4 BR$2,191$2,410
5 BR$2,520Not available
6 BR$2,898Not available
7 BR$3,332Not available
8 BR$3,832Not available

Purchase Price Calculator

Maximum purchase price
$152,067

Cost breakdown

+Likely effective rent$1,440
HUD FMR$1,311
Market rent$1,850
Est. payment standard (110%)Used$1,440
-Principal and interest-$769
Loan amount$121,654
Down payment$30,413
Rate6.50%
Term30 years
-Operating costs-$471
Property taxes-$152
Insurance-$175
Utilities$0
HOA$0
Management-$144
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$23,251(76.5% ROI)
Projected value
$163,759
Return breakdown
Property appreciation+$11,693
Loan principal paid down+$4,359
Rental cash flow+$7,200
5-year hold
+$39,755(130.7% ROI)
Projected value
$172,050
Return breakdown
Property appreciation+$19,983
Loan principal paid down+$7,772
Rental cash flow+$12,000
10-year hold
+$85,112(279.9% ROI)
Projected value
$194,659
Return breakdown
Property appreciation+$42,592
Loan principal paid down+$18,520
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.00
1 BR
1.02
2 BR
0.71
3 BR
0.74
4 BR
0.85
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 28608 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 28608 (Boone, NC) is $1,311 a month. That is up 11.4% from $1,177 in FY 2026. Boone is in the Watauga County, NC non-metropolitan FMR area. One county-wide FMR applies to every ZIP code in it. The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28608 is 14% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28608
BedroomsFY 2027Change90–110% range
Studio$916+11.4%$824–$1,008
1BR$1,124+13.8%$1,012–$1,236
2BR$1,311+11.4%$1,180–$1,442
3BR$1,737+15.5%$1,563–$1,911
4BR$2,191+11.0%$1,972–$2,410

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28608
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$916$1,124$1,311$1,737$2,191
FY 2026$822$988$1,177$1,504$1,974
FY 2025$874$1,004$1,274$1,555$2,139
FY 2024$777$906$1,140$1,392$1,935
FY 2023$720$845$1,040$1,320$1,631

Questions about ZIP 28608 rents

How much will Section 8 pay for a two-bedroom in ZIP 28608?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,311, that basic range is $1,180 to $1,442 a month. 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 28608 in?

ZIP 28608 is in the Watauga County, NC non-metropolitan FMR area.

How much did fair market rent change in ZIP 28608 for FY 2027?

The two-bedroom FMR rose 11.4%, from $1,177 in FY 2026 to $1,311 in FY 2027. Since FY 2023 it has risen 26.1%.

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 Fair Market Rents. 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 rentBoone, NC fair market rentNC statewide rentsWhat is SAFMR?Data sources