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Catawba County/Catawba/28609

28609

ZIPSAFMR
Catawba County, NC
Zillow

ZIP Investment Score

106Above average

095130300
BRFMR
Eff. Rent
0 BR$1,270$1,400
1 BR$1,280$1,410
2 BR$1,520$1,670
3 BR$1,850$1,900
4 BR$2,260$2,170
5 BR$2,599Not available
6 BR$2,989Not available
7 BR$3,437Not available
8 BR$3,953Not available

Purchase Price Calculator

Maximum purchase price
$186,245

Cost breakdown

+Likely effective rent$1,670
HUD FMR$1,520
Market rent$1,760
Est. payment standard (110%)Used$1,670
-Principal and interest-$942
Loan amount$148,996
Down payment$37,249
Rate6.50%
Term30 years
-Operating costs-$528
Property taxes-$186
Insurance-$175
Utilities$0
HOA$0
Management-$167
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$26,859(72.1% ROI)
Projected value
$200,565
Return breakdown
Property appreciation+$14,320
Loan principal paid down+$5,338
Rental cash flow+$7,200
5-year hold
+$45,993(123.5% ROI)
Projected value
$210,719
Return breakdown
Property appreciation+$24,474
Loan principal paid down+$9,519
Rental cash flow+$12,000
10-year hold
+$98,847(265.4% ROI)
Projected value
$238,409
Return breakdown
Property appreciation+$52,164
Loan principal paid down+$22,683
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.81
1 BR
0.80
2 BR
0.86
3 BR
0.96
4 BR
1.04
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28609 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28609 (Catawba, NC) is $1,520 a month. That is up 10.9% from $1,370 in FY 2026. Catawba 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, 28609 has the 3rd-highest two-bedroom rent (county range $1,010–$1,720). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28609 is 33% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28609
BedroomsFY 2027Change90–110% range
Studio$1,270+18.7%$1,143–$1,397
1BR$1,280+12.3%$1,152–$1,408
2BR$1,520+10.9%$1,368–$1,672
3BR$1,850+7.6%$1,665–$2,035
4BR$2,260+8.7%$2,034–$2,486

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28609
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,270$1,280$1,520$1,850$2,260
FY 2026$1,070$1,140$1,370$1,720$2,080
FY 2025$1,010$1,050$1,290$1,650$1,930
FY 2024$930$960$1,170$1,520$1,740
FY 2023$700$710$860$1,120$1,280

Two-bedroom rent in nearby Catawba County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28609
28601$1,320−13.2%
28602$1,250−17.8%
28603$1,250−17.8%
28609Current$1,520—
28610$1,170−23.0%
28612$1,130−25.7%
28613$1,130−25.7%
28637$1,010−33.6%
28650$1,010−33.6%
28658$1,260−17.1%
28673$1,620+6.6%
28682$1,720+13.2%

Questions about ZIP 28609 rents

How much will Section 8 pay for a two-bedroom in ZIP 28609?

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 $1,520 it would be $1,368 to $1,672. 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 28609 in?

ZIP 28609 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 28609 for FY 2027?

The two-bedroom FMR rose 10.9%, from $1,370 in FY 2026 to $1,520 in FY 2027. Since FY 2023 it has risen 76.7%.

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