HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Wake County, North Carolina (FY 2027)
A two-bedroom in Wake County carries a FY 2027 Fair Market Rent of $1,689 a month, effective October 1, 2026 through September 30, 2027. Everything Section 8 pays in Wake keys off that figure.
Two-bedroom FMR
$1,689
-3.5% from FY 2026
Payment standard
$1,520–$1,858
90% to 110% of the FMR, two-bedroom
Income to afford
$67,560
a year, with rent at 30% of income
Rank in North Carolina
14th of 100
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $1,489 | $1,340–$1,638 | $59,560 | $28.63/hr | -2.3% |
| 1 bedroom | $1,552 | $1,397–$1,707 | $62,080 | $29.85/hr | -2.8% |
| 2 bedroom | $1,689 | $1,520–$1,858 | $67,560 | $32.48/hr | -3.5% |
| 3 bedroom | $2,103 | $1,893–$2,313 | $84,120 | $40.44/hr | -4.2% |
| 4 bedroom | $2,823 | $2,541–$3,105 | $112,920 | $54.29/hr | -3.8% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $3,246 | $2,921–$3,571 |
| 6 bedroom Estimate | $3,670 | $3,303–$4,037 |
| 7 bedroom Estimate | $4,093 | $3,684–$4,502 |
| 8 bedroom Estimate | $4,517 | $4,065–$4,969 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
Two-bedrooms in Raleigh are asking $1,667. HUD says $1,689.
The two are within a couple percent of each other. Median asking rent across 15 Raleigh ZIP codes with active 2BR listings. FMR includes utilities and asking rents usually don't, so the true gap is a little smaller.
No card needed
What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Wake somewhere between $1,520 and $1,858. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,689 a month is affordable, by HUD's 30% rule, on an income of roughly $67,560 a year. Put another way, $32 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$1,520 | Voucher pays at 100%$1,689 | Voucher pays at 110%$1,858 |
|---|---|---|---|---|
| $2,500 | $750 | $770 | $939 | $1,108 |
| $4,000 | $1,200 | $320 | $489 | $658 |
Rate history
The two-bedroom rate went down 3% from FY 2026 ($1,750) to FY 2027 ($1,689). Since FY 2020 it's up 45% in total, about 5.5% a year. The North Carolina median moved up 5% over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $962 | $1,022 | $1,163 | $1,482 | $1,895 | — |
| FY 2021 | $1,013 | $1,053 | $1,200 | $1,509 | $1,950 | +3.2% |
| FY 2022 | $1,038 | $1,073 | $1,223 | $1,517 | $1,982 | +1.9% |
| FY 2023 | $1,213 | $1,250 | $1,412 | $1,733 | $2,293 | +15.5% |
| FY 2024 | $1,427 | $1,466 | $1,646 | $2,035 | $2,711 | +16.6% |
| FY 2025 | $1,533 | $1,592 | $1,763 | $2,192 | $2,961 | +7.1% |
| FY 2026 | $1,524 | $1,596 | $1,750 | $2,196 | $2,936 | -0.7% |
| FY 2027In effect | $1,489 | $1,552 | $1,689 | $2,103 | $2,823 | -3.5% |
About this rate
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2027 that's October 1, 2026 through September 30, 2027. In Wake, that runs from $1,489 for a studio up to $2,823 for four bedrooms, all five rates in the table above.
This is a metro rate. The county doesn't get one of its own. HUD lumps Wake in with 2 other counties in the Raleigh-Cary metro, Johnston County, Franklin County among them, and every one of them gets $1,689 for a two-bedroom. Where you are inside the metro doesn't change the county number. It does change the ZIP number, covered below.
Among North Carolina's 100 counties, Wake ranks 14th for two-bedroom FMR. That's about 48% above the state median of $1,145 and about 59% above the national median county at $1,063. About 1,178,653 people live here, 1st in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,220 in 27592 (Willow Spring) and $2,140 in 27519 (Cary), with the 56 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
| ZIP | City | 2BR rate | vs county |
|---|---|---|---|
| 27502 | Apex | $2,060 | +22.0% |
| 27511 | Cary | $1,610 | -4.7% |
| 27512 | Cary | $1,740 | +3.0% |
| 27513 | Cary | $1,840 | +8.9% |
| 27518 | Cary | $1,800 | +6.6% |
| 27519 | Cary | $2,140 | +26.7% |
| 27523 | Apex | $2,080 | +23.1% |
| 27526 | Fuquay Varina | $1,760 | +4.2% |
| 27529 | Garner | $1,580 | -6.5% |
| 27539 | Apex | $1,990 | +17.8% |
| 27540 | Holly Springs | $2,060 | +22.0% |
| 27545 | Knightdale | $1,780 | +5.4% |
| 27560 | Morrisville | $2,120 | +25.5% |
| 27562 | New Hill | $1,970 | +16.6% |
| 27571 | Rolesville | $1,670 | -1.1% |
| 27587 | Wake Forest | $1,670 | -1.1% |
| 27588 | Wake Forest | $1,740 | +3.0% |
| 27591 | Wendell | $1,440 | -14.7% |
| 27592 | Willow Spring | $1,220 | -27.8% |
| 27597 | Zebulon | $1,220 | -27.8% |
| 27601 | Raleigh | $1,750 | +3.6% |
| 27602 | Raleigh | $1,740 | +3.0% |
| 27603 | Raleigh | $1,600 | -5.3% |
| 27604 | Raleigh | $1,620 | -4.1% |
| 27605 | Raleigh | $1,830 | +8.3% |
| 27606 | Raleigh | $1,660 | -1.7% |
| 27607 | Raleigh | $1,730 | +2.4% |
| 27608 | Raleigh | $1,800 | +6.6% |
| 27609 | Raleigh | $1,730 | +2.4% |
| 27610 | Raleigh | $1,420 | -15.9% |
| 27611 | Raleigh | $1,740 | +3.0% |
| 27612 | Raleigh | $1,950 | +15.5% |
| 27613 | Raleigh | $1,690 | +0.1% |
| 27614 | Raleigh | $1,750 | +3.6% |
| 27615 | Raleigh | $1,880 | +11.3% |
| 27616 | Raleigh | $1,740 | +3.0% |
| 27617 | Raleigh | $1,910 | +13.1% |
| 27619 | Raleigh | $1,740 | +3.0% |
| 27620 | Raleigh | $1,740 | +3.0% |
| 27621 | Raleigh | $1,689County rate | — |
Counties sharing the Raleigh-Cary metro rate
HUD sets one rate for the whole metro, so every county here carries the same $1,689 two-bedroom figure as Wake.
Nearby counties
Two-bedroom FMR, with how each compares to Wake.
Durham County
22 mi · 332,353 people
$1,745
+3%
Franklin County
23 mi · 74,386 people
$1,689
same rate
Granville County
25 mi · 60,877 people
$1,213
-28%
Johnston County
26 mi · 234,263 people
$1,689
same rate
Orange County
28 mi · 149,678 people
$1,745
+3%
Harnett County
30 mi · 139,150 people
$1,051
-38%
Lee County
37 mi · 65,816 people
$1,179
-30%
Chatham County
38 mi · 80,151 people
$1,745
+3%
Questions people ask
$1,689 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $1,489 for a studio, $1,552 for one bedroom, $2,103 for three and $2,823 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Wake actually go for?
HUD's number is one input. Search any address in Wake for a rent estimate built from nearby comps. Free to start, no card.
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