Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,220$14,640 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Chowan County, NC
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Chowan County, NC
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $924 | $11,088 | $36,960 | $17.77/hr |
| 1-Bedroom Apartment | $930 | $11,160 | $37,200 | $17.88/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,220 | $14,640 | $48,800 | $23.46/hr |
| 3-Bedroom Home | $1,463 | $17,556 | $58,520 | $28.13/hr |
| 4-Bedroom Home | $1,615 | $19,380 | $64,600 | $31.06/hr |
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Frequently Asked Questions About Rent in Chowan County, NC
What is the Fair Market Rent for a 2-bedroom in Chowan County, NC?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Chowan County, NC is $1,220 per month ($14,640 per year).
What hourly wage is needed to afford rent in Chowan County, NC?
To comfortably afford a 2-bedroom apartment at $1,220/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $23.46 per hour ($48,800/year).
What are the HUD Fair Market Rents by bedroom count in Chowan County, NC?
Official 2026 HUD rents in Chowan County, NC are: Studio: $924/mo, 1-Bedroom: $930/mo, 2-Bedroom: $1,220/mo, 3-Bedroom: $1,463/mo, and 4-Bedroom: $1,615/mo.
How do HUD Fair Market Rents compare to local incomes in Chowan County, NC?
At the local Census ACS median household income of $53,864/year ($4,489/month), the benchmark 2-bedroom Fair Market Rent represents 27.2% of monthly income.
How is the 30% housing affordability standard calculated in Chowan County, NC?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,220/month, the required minimum annual gross income is calculated as ($1,220 × 12) ÷ 0.30 = $48,800 per year.