28654

ZIPSAFMR

Alexander County, NC

ZIP Investment Score

92Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,070	$1,090	4.4%
1 BR	$1,090	$1,090	4.0%
2 BR	$1,260	$1,190	2.2%
3 BR	$1,670	$1,370	3.0%
4 BR	$1,930	$1,410	3.3%
5 BR	$2,220	Not available	3.3%
6 BR	$2,552	Not available	3.3%
7 BR	$2,935	Not available	3.3%
8 BR	$3,376	Not available	3.3%

Purchase Price Calculator

Maximum purchase price

$114,917

Cost breakdown

+Likely effective rent$1,190

HUD FMR$1,260

Market rentUsed$1,190

Est. payment standard (96%)$1,210

-Principal and interest-$581

Loan amount$91,934

Down payment$22,983

Rate6.50%

Term30 years

-Operating costs-$409

Property taxes-$115

Insurance-$175

Utilities$0

HOA$0

Management-$119

=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

+$19,330(84.1% ROI)

Projected value

$123,753

Return breakdown

Property appreciation+$8,836

Loan principal paid down+$3,294

Rental cash flow+$7,200

5-year hold

+$32,975(143.5% ROI)

Projected value

$130,018

Return breakdown

Property appreciation+$15,101

Loan principal paid down+$5,874

Rental cash flow+$12,000

10-year hold

+$70,182(305.4% ROI)

Projected value

$147,103

Return breakdown

Property appreciation+$32,186

Loan principal paid down+$13,996

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.97ratio

FMR$1,070

Market$1,100

vs market-$30

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

0.97

1 BR

1.00ratio

FMR$1,090

Market$1,090

vs market+$0

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

1.00

2 BR

1.06ratio

FMR$1,260

Market$1,190

vs market+$70

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

1.06

3 BR

1.22ratio

FMR$1,670

Market$1,370

vs market+$300

FMR is above market; underwrite to market rent.

1.22

4 BR

1.37ratio

FMR$1,930

Market$1,410

vs market+$520

FMR is above market; underwrite to market rent.

1.37

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 28654 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28654 (Moravian Falls, NC) is $1,260 a month. That is up 5.0% from $1,200 in FY 2026. Moravian 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 8 ZIP codes in Alexander County, 28654 has the 2nd-highest two-bedroom rent (county range $1,010–$1,320). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28654 is 10% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28654
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,010	$1,070	+5.9%	$963–$1,177
1BR	$1,030	$1,090	+5.8%	$981–$1,199
2BR	$1,200	$1,260	+5.0%	$1,134–$1,386
3BR	$1,600	$1,670	+4.4%	$1,503–$1,837
4BR	$1,990	$1,930	−3.0%	$1,737–$2,123

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28654
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,070	$1,090	$1,260	$1,670	$1,930
FY 2026	$1,010	$1,030	$1,200	$1,600	$1,990
FY 2025	$1,000	$1,040	$1,200	$1,600	$1,790
FY 2024	$940	$970	$1,180	$1,530	$1,750
FY 2023	$690	$690	$840	$1,100	$1,250

Two-bedroom rent in nearby Alexander County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 28654
28601	$1,320	+4.8%
28625	$1,160	−7.9%
28630	$1,130	−10.3%
28636	$1,210	−4.0%
28654Current	$1,260	—
28678	$1,210	−4.0%
28681	$1,010	−19.8%
28689	$1,080	−14.3%

Questions about ZIP 28654 rents

How much will Section 8 pay for a two-bedroom in ZIP 28654?

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 $1,260 it would be $1,134 to $1,386. 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 28654 in?

ZIP 28654 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 28654 for FY 2027?

The two-bedroom FMR rose 5.0%, from $1,200 in FY 2026 to $1,260 in FY 2027. Since FY 2023 it has risen 50.0%.

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