28666

ZIPSAFMR

Burke County, NC

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$980	$1,020	8.4%
1 BR	$980	$1,030	7.4%
2 BR	$1,160	$1,210	6.5%
3 BR	$1,420	$1,440	4.6%
4 BR	$1,730	$1,510	6.6%
5 BR	$1,989	Not available	6.6%
6 BR	$2,288	Not available	6.6%
7 BR	$2,631	Not available	6.6%
8 BR	$3,026	Not available	6.6%

Purchase Price Calculator

Maximum purchase price

$117,889

Cost breakdown

+Likely effective rent$1,210

HUD FMR$1,160

Market rent$1,230

Est. payment standard (104%)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

0.94ratio

FMR$980

Market$1,040

vs market-$60

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

0.94

1 BR

0.92ratio

FMR$980

Market$1,060

vs market-$80

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

0.92

2 BR

0.94ratio

FMR$1,160

Market$1,230

vs market-$70

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

0.94

3 BR

0.98ratio

FMR$1,420

Market$1,450

vs market-$30

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

0.98

4 BR

1.15ratio

FMR$1,730

Market$1,510

vs market+$220

FMR is above market; underwrite to market rent.

1.15

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 28666 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28666 (Icard, NC) is $1,160 a month. That is up 5.5% from $1,100 in FY 2026. Icard 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, 28666 has the 6th-highest two-bedroom rent (county range $1,010–$1,660). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28666 is 1% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28666
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$860	$980	+14.0%	$882–$1,078
1BR	$910	$980	+7.7%	$882–$1,078
2BR	$1,100	$1,160	+5.5%	$1,044–$1,276
3BR	$1,370	$1,420	+3.6%	$1,278–$1,562
4BR	$1,660	$1,730	+4.2%	$1,557–$1,903

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28666
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$980	$980	$1,160	$1,420	$1,730
FY 2026	$860	$910	$1,100	$1,370	$1,660
FY 2025	$810	$850	$1,040	$1,320	$1,560
FY 2024	$770	$790	$960	$1,240	$1,430
FY 2023	$640	$640	$780	$1,020	$1,160

Two-bedroom rent in nearby Burke County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 28666
28619	$1,010	−12.9%
28628	$1,140	−1.7%
28637	$1,010	−12.9%
28641	$1,010	−12.9%
28645	$1,060	−8.6%
28647	$1,150	−0.9%
28655	$1,660	+43.1%
28657	$1,010	−12.9%
28666Current	$1,160	—
28671	$1,140	−1.7%
28680	$1,150	−0.9%
28690	$1,200	+3.4%

Questions about ZIP 28666 rents

How much will Section 8 pay for a two-bedroom in ZIP 28666?

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 $1,160 it would be $1,044 to $1,276. 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 28666 in?

ZIP 28666 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 28666 for FY 2027?

The two-bedroom FMR rose 5.5%, from $1,100 in FY 2026 to $1,160 in FY 2027. Since FY 2023 it has risen 48.7%.

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