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Burke County/Valdese/28690

28690

ZIPSAFMR
Burke County, NC
Zillow

ZIP Investment Score

95Above average

095130300
BRFMR
Eff. Rent
0 BR$1,010$880
1 BR$1,010$930
2 BR$1,200$1,140
3 BR$1,460$1,470
4 BR$1,790$1,600
5 BR$2,059Not available
6 BR$2,367Not available
7 BR$2,722Not available
8 BR$3,131Not available

Purchase Price Calculator

Maximum purchase price
$107,487

Cost breakdown

+Likely effective rent$1,140
HUD FMR$1,200
Market rentUsed$1,140
Est. payment standard (97%)$1,160
-Principal and interest-$544
Loan amount$85,990
Down payment$21,497
Rate6.50%
Term30 years
-Operating costs-$396
Property taxes-$107
Insurance-$175
Utilities$0
HOA$0
Management-$114
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,546(86.3% ROI)
Projected value
$115,752
Return breakdown
Property appreciation+$8,265
Loan principal paid down+$3,081
Rental cash flow+$7,200
5-year hold
+$31,619(147.1% ROI)
Projected value
$121,612
Return breakdown
Property appreciation+$14,125
Loan principal paid down+$5,494
Rental cash flow+$12,000
10-year hold
+$67,196(312.6% ROI)
Projected value
$137,592
Return breakdown
Property appreciation+$30,105
Loan principal paid down+$13,091
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.15
1 BR
1.09
2 BR
1.05
3 BR
0.99
4 BR
1.12
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28690 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28690 (Valdese, NC) is $1,200 a month. That is up 10.1% from $1,090 in FY 2026. Valdese 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, 28690 has the 4th-highest two-bedroom rent (county range $1,010–$1,660). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28690 is 5% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28690
BedroomsFY 2027Change90–110% range
Studio$1,010+18.8%$909–$1,111
1BR$1,010+12.2%$909–$1,111
2BR$1,200+10.1%$1,080–$1,320
3BR$1,460+6.6%$1,314–$1,606
4BR$1,790+8.5%$1,611–$1,969

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28690
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,010$1,010$1,200$1,460$1,790
FY 2026$850$900$1,090$1,370$1,650
FY 2025$810$840$1,030$1,310$1,540
FY 2024$780$810$980$1,270$1,460
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 code2 bedroomvs. 28690
28619$1,010−15.8%
28628$1,140−5.0%
28637$1,010−15.8%
28641$1,010−15.8%
28645$1,060−11.7%
28647$1,150−4.2%
28655$1,660+38.3%
28657$1,010−15.8%
28666$1,160−3.3%
28671$1,140−5.0%
28680$1,150−4.2%
28690Current$1,200—

Questions about ZIP 28690 rents

How much will Section 8 pay for a two-bedroom in ZIP 28690?

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 $1,200 it would be $1,080 to $1,320. 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 28690 in?

ZIP 28690 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 28690 for FY 2027?

The two-bedroom FMR rose 10.1%, from $1,090 in FY 2026 to $1,200 in FY 2027. Since FY 2023 it has risen 55.8%.

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