28628

ZIPSAFMR

Burke County, NC

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$960	$960	4.1%
1 BR	$960	$950	2.9%
2 BR	$1,140	$1,210	2.1%
3 BR	$1,390	$1,440	0.0%
4 BR	$1,700	$1,560	2.3%
5 BR	$1,955	Not available	2.3%
6 BR	$2,248	Not available	2.2%
7 BR	$2,585	Not available	2.3%
8 BR	$2,973	Not available	2.3%

Purchase Price Calculator

Maximum purchase price

$117,889

Cost breakdown

+Likely effective rent$1,210

HUD FMR$1,140

Market rent$1,250

Est. payment standard (106%)Used$1,210

-Principal and interest-$596

Loan amount$94,311

Down payment$23,578

Rate6.50%

Term30 years

-Operating costs-$414

Property taxes-$118

Insurance-$175

Utilities$0

HOA$0

Management-$121

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$19,644(83.3% ROI)

Projected value

$126,954

Return breakdown

Property appreciation+$9,065

Loan principal paid down+$3,379

Rental cash flow+$7,200

5-year hold

+$33,517(142.2% ROI)

Projected value

$133,381

Return breakdown

Property appreciation+$15,492

Loan principal paid down+$6,026

Rental cash flow+$12,000

10-year hold

+$71,377(302.7% ROI)

Projected value

$150,908

Return breakdown

Property appreciation+$33,019

Loan principal paid down+$14,358

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.00ratio

FMR$960

Market$960

vs market+$0

FMR is near market; voucher and private rents are aligned.

1.00

1 BR

1.01ratio

FMR$960

Market$950

vs market+$10

FMR is near market; voucher and private rents are aligned.

1.01

2 BR

0.91ratio

FMR$1,140

Market$1,250

vs market-$110

FMR is near market; voucher and private rents are aligned.

0.91

3 BR

0.95ratio

FMR$1,390

Market$1,460

vs market-$70

FMR is near market; voucher and private rents are aligned.

0.95

4 BR

1.09ratio

FMR$1,700

Market$1,560

vs market+$140

FMR is near market; voucher and private rents are aligned.

1.09

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 28628 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28628 (Glen Alpine, NC) is $1,140 a month. That is up 4.6% from $1,090 in FY 2026. Glen Alpine 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 18 ZIP codes in Burke County, 28628 is tied for the 9th-highest two-bedroom rent (county range $1,010–$1,660).

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28628
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$850	$960	+12.9%	$864–$1,056
1BR	$900	$960	+6.7%	$864–$1,056
2BR	$1,090	$1,140	+4.6%	$1,026–$1,254
3BR	$1,370	$1,390	+1.5%	$1,251–$1,529
4BR	$1,650	$1,700	+3.0%	$1,530–$1,870

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28628
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$960	$960	$1,140	$1,390	$1,700
FY 2026	$850	$900	$1,090	$1,370	$1,650
FY 2025	$790	$820	$1,010	$1,290	$1,510
FY 2024	$850	$880	$1,070	$1,390	$1,590
FY 2023	$690	$690	$840	$1,100	$1,250

Two-bedroom rent in nearby Burke County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 28628
28601	$1,320	+15.8%
28602	$1,250	+9.6%
28612	$1,130	−0.9%
28619	$1,010	−11.4%
28628Current	$1,140	—
28637	$1,010	−11.4%
28641	$1,010	−11.4%
28645	$1,060	−7.0%
28647	$1,150	+0.9%
28655	$1,660	+45.6%
28657	$1,010	−11.4%
28666	$1,160	+1.8%

Questions about ZIP 28628 rents

How much will Section 8 pay for a two-bedroom in ZIP 28628?

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 $1,140 it would be $1,026 to $1,254. 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 28628 in?

ZIP 28628 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 28628 for FY 2027?

The two-bedroom FMR rose 4.6%, from $1,090 in FY 2026 to $1,140 in FY 2027. Since FY 2023 it has risen 35.7%.

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 rent Glen Alpine, NC fair market rent NC statewide rents What is SAFMR?Data sources