FY2027 Small Area FMR · Banner Elk, NC
ZIP 28604 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 28604 (Banner Elk, NC) is $1,170 a month, up 1.7% from FY2026. That is 16% above the Avery County, NC area-wide FMR of $1,012.
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 28604 sits in the Avery County, NC area
Of the 16 ZIP codes HUD lists for the area, 28604 has the 4th highest two-bedroom Small Area FMR. Avery County, NC is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,012 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,170 for this ZIP code instead.
ZIP code 28604 crosses more than one HUD area. HUD also lists it under Watauga 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 | $850 | $765 – $935 | $769 | $800 |
| 1 bedroom | $940 | $846 – $1,034 | $774 | $910 |
| 2 bedrooms | $1,170 | $1,053 – $1,287 | $1,012 | $1,150 |
| 3 bedrooms | $1,550 | $1,395 – $1,705 | $1,346 | $1,400 |
| 4 bedrooms | $1,850 | $1,665 – $2,035 | $1,531 | $1,930 |
A household renting a two-bedroom home at the Small Area FMR of $1,170 needs about $46,800 a year to keep housing costs at 30% of income. The area median family income is $88,800 and the 80% low-income limit for four people is $71,050. ZIP code 28604 lies mainly in Watauga County and Avery County. See the Avery County, NC county page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 28604?
HUD's FY2027 Small Area Fair Market Rents for 28604 are $850 (studio), $940 (1 BR), $1,170 (2 BR), $1,550 (3 BR) and $1,850 (4 BR) a month.
What is the Section 8 payment standard in 28604?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 28604 that range is $1,053 to $1,287 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 28604?
The FY2026 income limits of the Avery County, NC area apply: median family income $88,800, low-income (80%) limit $71,050 for a family of four.