Skip to main content
Loading page
Rutherford County/Chimney Rock/28720

28720

ZIPSAFMR
Rutherford County, NC
Zillow

ZIP Investment Score

52Below average

095130300
BRFMR
Eff. Rent
0 BR$1,290$1,290
1 BR$1,300$1,300
2 BR$1,520$1,530
3 BR$2,030$1,700
4 BR$2,060$1,830
5 BR$2,369Not available
6 BR$2,724Not available
7 BR$3,133Not available
8 BR$3,603Not available

Purchase Price Calculator

Maximum purchase price
$165,441

Cost breakdown

+Likely effective rent$1,530
HUD FMR$1,520
Market rent$1,540
Est. payment standard (101%)Used$1,530
-Principal and interest-$837
Loan amount$132,353
Down payment$33,088
Rate6.50%
Term30 years
-Operating costs-$493
Property taxes-$165
Insurance-$175
Utilities$0
HOA$0
Management-$153
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,663(74.5% ROI)
Projected value
$178,162
Return breakdown
Property appreciation+$12,721
Loan principal paid down+$4,742
Rental cash flow+$7,200
5-year hold
+$42,196(127.5% ROI)
Projected value
$187,181
Return breakdown
Property appreciation+$21,740
Loan principal paid down+$8,456
Rental cash flow+$12,000
10-year hold
+$90,487(273.5% ROI)
Projected value
$211,778
Return breakdown
Property appreciation+$46,337
Loan principal paid down+$20,149
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

2 BR
0.99
3 BR
1.19
4 BR
1.13
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 28720 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 28720 (Chimney Rock, NC) is $1,520 a month. That is up 9.4% from $1,390 in FY 2026. Chimney Rock is in the Rutherford County, NC non-metropolitan FMR area. 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 county-wide two-bedroom FMR of $1,012. Among 18 ZIP codes in Rutherford County, 28720 has the 4th-highest two-bedroom rent (county range $1,010–$1,810). The median county two-bedroom FMR in North Carolina is $1,145, so ZIP 28720 is 33% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 28720
BedroomsFY 2027Change90–110% range
Studio$1,290+7.5%$1,161–$1,419
1BR$1,300+7.4%$1,170–$1,430
2BR$1,520+9.4%$1,368–$1,672
3BR$2,030+5.7%$1,827–$2,233
4BR$2,060+3.0%$1,854–$2,266

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 28720
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,290$1,300$1,520$2,030$2,060
FY 2026$1,200$1,210$1,390$1,920$2,000
FY 2025$1,210$1,220$1,400$1,890$2,170
FY 2024area FMR$733$737$856$1,117$1,367
FY 2023area FMR$643$646$771$975$1,188

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Rutherford County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 28720
28074$1,060−30.3%
28076$1,010−33.6%
28114$1,010−33.6%
28139$1,120−26.3%
28150$1,040−31.6%
28160$1,010−33.6%
28167$1,120−26.3%
28711$1,810+19.1%
28720Current$1,520—
28746$1,660+9.2%
28752$1,010−33.6%
28756$1,660+9.2%

Questions about ZIP 28720 rents

How much will Section 8 pay for a two-bedroom in ZIP 28720?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,012, which applies unless the housing authority uses Small Area FMRs, that basic range is $911 to $1,113 a month; under the ZIP-level Small Area FMR of $1,520 it would be $1,368 to $1,672. 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 28720 in?

ZIP 28720 is in the Rutherford County, NC non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,012.

How much did fair market rent change in ZIP 28720 for FY 2027?

The two-bedroom FMR rose 9.4%, from $1,390 in FY 2026 to $1,520 in FY 2027. Since FY 2025 it has risen 8.6%.

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