FY2027 Small Area FMR · Wake Forest, NC
ZIP 27587 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 27587 (Wake Forest, NC) is $1,670 a month, down 4.6% from FY2026. That is 1% below the Raleigh-Cary, NC area-wide FMR of $1,689.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 27587 sits in the Raleigh-Cary, NC area
Of the 86 ZIP codes HUD lists for the area, 27587 has the 49th highest two-bedroom Small Area FMR. Raleigh-Cary, NC is one of the 65 metro areas where HUD requires Small Area FMRs for the Housing Choice Voucher program (designated 2023), so local housing agencies must set payment standards from this ZIP code's figure, normally between $1,503 and $1,837 for two bedrooms.
ZIP code 27587 crosses more than one HUD area. HUD also lists it under Granville County, NC (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $1,470 | $1,323 – $1,617 | $1,489 | $1,530 |
| 1 bedroom | $1,540 | $1,386 – $1,694 | $1,552 | $1,600 |
| 2 bedrooms | $1,670 | $1,503 – $1,837 | $1,689 | $1,750 |
| 3 bedrooms | $2,080 | $1,872 – $2,288 | $2,103 | $2,210 |
| 4 bedrooms | $2,780 | $2,502 – $3,058 | $2,823 | $2,930 |
A household renting a two-bedroom home at the Small Area FMR of $1,670 needs about $66,800 a year to keep housing costs at 30% of income. The area median family income is $132,300 and the 80% low-income limit for four people is $105,850. ZIP code 27587 lies mainly in Wake County, Granville County and Franklin County. See the Raleigh-Cary, NC metro page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 27587?
HUD's FY2027 Small Area Fair Market Rents for 27587 are $1,470 (studio), $1,540 (1 BR), $1,670 (2 BR), $2,080 (3 BR) and $2,780 (4 BR) a month.
What is the Section 8 payment standard in 27587?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 27587 that range is $1,503 to $1,837 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 27587?
The FY2026 income limits of the Raleigh-Cary, NC area apply: median family income $132,300, low-income (80%) limit $105,850 for a family of four.