28647

ZIPSAFMR

Burke County, NC

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$960	$960	8.1%
1 BR	$970	$970	7.1%
2 BR	$1,150	$1,150	6.2%
3 BR	$1,400	$1,400	4.1%
4 BR	$1,710	$1,710	6.1%
5 BR	$1,966	Not available	6.1%
6 BR	$2,261	Not available	6.1%
7 BR	$2,601	Not available	6.1%
8 BR	$2,991	Not available	6.1%

Purchase Price Calculator

Maximum purchase price

$108,973

Cost breakdown

+Likely effective rent$1,150

HUD FMRUsed$1,150

Market rentN/A

Est. payment standardN/A

-Principal and interest-$551

Loan amount$87,178

Down payment$21,795

Rate6.50%

Term30 years

-Operating costs-$399

Property taxes-$109

Insurance-$175

Utilities$0

HOA$0

Management-$115

=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

+$18,702(85.8% ROI)

Projected value

$117,352

Return breakdown

Property appreciation+$8,379

Loan principal paid down+$3,123

Rental cash flow+$7,200

5-year hold

+$31,890(146.3% ROI)

Projected value

$123,293

Return breakdown

Property appreciation+$14,320

Loan principal paid down+$5,570

Rental cash flow+$12,000

10-year hold

+$67,794(311.1% ROI)

Projected value

$139,495

Return breakdown

Property appreciation+$30,522

Loan principal paid down+$13,272

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical

FY 2023-2027

FMR: FY2027
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 28647 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28647 (Linville Falls, NC) is $1,150 a month. That is up 6.5% from $1,080 in FY 2026. Linville Falls 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, 28647 is tied for the 7th-highest two-bedroom rent (county range $1,010–$1,660).

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28647
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$850	$960	+12.9%	$864–$1,056
1BR	$900	$970	+7.8%	$873–$1,067
2BR	$1,080	$1,150	+6.5%	$1,035–$1,265
3BR	$1,350	$1,400	+3.7%	$1,260–$1,540
4BR	$1,640	$1,710	+4.3%	$1,539–$1,881

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28647
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$960	$970	$1,150	$1,400	$1,710
FY 2026	$850	$900	$1,080	$1,350	$1,640
FY 2025	$790	$810	$1,040	$1,270	$1,560
FY 2024	$760	$790	$960	$1,240	$1,430
FY 2023	$630	$630	$770	$1,010	$1,150

Two-bedroom rent in nearby Burke County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 28647
28612	$1,130	−1.7%
28619	$1,010	−12.2%
28628	$1,140	−0.9%
28637	$1,010	−12.2%
28641	$1,010	−12.2%
28645	$1,060	−7.8%
28647Current	$1,150	—
28655	$1,660	+44.3%
28657	$1,010	−12.2%
28666	$1,160	+0.9%
28671	$1,140	−0.9%
28680	$1,150	0.0%

Questions about ZIP 28647 rents

How much will Section 8 pay for a two-bedroom in ZIP 28647?

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 $1,150 it would be $1,035 to $1,265. 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 28647 in?

ZIP 28647 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 28647 for FY 2027?

The two-bedroom FMR rose 6.5%, from $1,080 in FY 2026 to $1,150 in FY 2027. Since FY 2023 it has risen 49.4%.

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 Linville Falls, NC fair market rent NC statewide rents What is SAFMR?Data sources