How many renters live in Faison, North Carolina?
The City of Faison has 950 people living in 317 households.
There are 242 renters living in 110 renter households in this City. Renters make up 25.47 percent of the population living in Faison.
What is the rental market like in Faison, North Carolina?
There are an estimated 359 housing units in the Faison area. Of these, 110 units are rental homes, making up 31 percent of the housing market. For every renter household in Faison, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Faison?
The rental vacancy rate in Faison is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Faison for each bedroom size?
Occupied Rental Units by Size in Faison
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 7 | 32 | 45 | 20 | 0 |
Occupied Rental Units by Size in Faison
A large number of apartments in Faison have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Faison are overburdened by housing costs?
Among renter households in this market, 28 percent have housing cost burden. Further, 15 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Faison
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $683 to $1,203. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $683 |
| One BR | $687 |
| Two BR | $903 |
| Three BR | $1,092 |
| Four BR | $1,203 |
2024 Fair Market Rents in Faison, North Carolina
How many units are rented at Fair Market Rent (FMR) in Faison?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 6 | 86 percent |
| One BR | 19 | 59 percent |
| Two BR | 45 | 100 percent |
Rental Units Below FMR in Faison, North Carolina
How many affordable rental units are in Faison?
There are a variety of federal affordable housing programs serving households in Faison, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 16 |
Tracked Units by Federal Program in Faison, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Faison, North Carolina
Faison features 48 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Faison, North Carolina
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Faison.
Housing Choice Vouchers in Faison, North Carolina
On average, Section 8 Housing Choice vouchers pay Faison landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Faison.
The maximum amount a voucher would pay on behalf of a low-income tenant in Faison, North Carolina for a two-bedroom apartment is between $813 and $993.
Sourced from federal housing data and AffordableHousingOnline.com research.
