ZIP Code Tabulation Area
ZIP area 28638, Caldwell County, North Carolina: rent, home value and fair market rent
ZCTA 28638 is the U.S. Census Bureau's statistical area for ZIP code 28638, in Caldwell County, North Carolina. It has about 4,670 occupied homes, 22.9% of them renter-occupied (Census ACS 2020-2024).
Census American Community Survey
Key figures for ZIP area 28638
Census ACS five-year estimates for ZCTA 28638, 2020–2024.
- Median gross rent
- $710 per monthRenter homes paying cash rent; rent plus utilities · Census table B25064
- Median home value
- $208,000Owner-occupied homes; the owner's estimate · Census table B25077
- Median household income
- $67,100 per yearAll households; 2024 dollars · Census table B19013
- Renter-occupied homes
- 22.9% of occupied homesCensus table B25003
- Occupied homes
- About 4,670Rounded to tens · Census table B25003
- Rental vacancy rate
- 3.5%Vacant for rent, share of the rental inventory · Census table B25004
HUD Small Area Fair Market Rents
HUD fair market rents for ZIP 28638, fiscal year 2027
Fiscal year starting October 1, 2026. HUD's ZIP-level estimates at the 40th percentile of recent movers' gross rents, used to set Housing Choice Voucher payment standards in HUD-designated areas or where a housing agency opts in: a program benchmark, not the typical rent.
| Home size | Fair market rent per month |
|---|---|
| Studio (no bedroom) | $850 |
| 1 bedroom | $850 |
| 2 bedrooms | $1,010 |
| 3 bedrooms | $1,240 |
| 4 bedrooms | $1,510 |
FHFA House Price Index (developmental)
House price trend in ZIP 28638: FHFA index for 2025
From repeat sales and refinancings of single-family homes; it can be revised. Data as of March 31, 2026.
- Annual change, 2025
- +3.0%FHFA HPI, five-digit ZIP codes (developmental)
- Change over five years, 2020–2025
- +59.2%
Derived, not official statistics
MyInversorAI indicators for ZIP 28638 (derived, not official statistics)
Calculated from the medians above, which describe different groups; no margin of error is computed for them.
- Estimated gross annual yield
- 4.1%MyInversorAI estimate: 12 × median rent ÷ median value.
- Price-to-income ratio
- 3.1MyInversorAI estimate: median value ÷ median income.
- Rent-to-income ratio
- 12.7%MyInversorAI estimate: 12 × median rent ÷ median income.At or below HUD's 30% cost-burden line.
They describe the area, not a home, and promise no return.
ZIP area and state
ZIP 28638 compared with North Carolina
Difference calculated by MyInversorAI.
| Median | ZIP 28638 | North Carolina | Difference |
|---|---|---|---|
| Gross rent (per month) | $710 | $1,228 | −42% |
| Home value | $208,000 | $288,900 | −28% |
| Household income (per year) | $67,100 | $72,388 | −7% |
Within the state
Where ZIP 28638 ranks in North Carolina
Among the ZIP areas of North Carolina with a published value; ranked by MyInversorAI.
- Median gross rent: tied with 3 others for 55th lowest of 631 ZIP areas, below 90% of the others.
- Median home value: tied with 2 others for 272nd lowest of 682 ZIP areas, below 59% of the others.
- Median household income: 301st highest of 666 ZIP areas, above 54% of the others.
- Rental vacancy rate: tied with 7 others for 123rd lowest of 411 ZIP areas, below 68% of the others.
Same main county
ZIP areas of Caldwell County with the closest median rent
Main county by area (Census 2020 ZCTA to County Relationship File).
Quotable facts
Key facts about ZIP 28638
- In ZIP Code Tabulation Area 28638, the median gross rent was $710 a month and the median home value $208,000 in the Census ACS 2020-2024.
- Its median household income was $67,100 a year, and most of its roughly 4,670 occupied homes were owner-occupied, with renters in 22.9%.
- Its median gross rent is 42% lower than the North Carolina median ($1,228).
- Its median home value is 28% lower than the North Carolina median ($288,900).
- HUD's two-bedroom fair market rent in ZIP 28638 (fiscal year 2027) is $1,010 a month, 42% above the ACS median gross rent ($710).
- FHFA's developmental index for ZIP 28638 rose 3.0% in 2025 and 59.2% over five years.
- Its ACS rental vacancy rate was 3.5%, lower than in 68% of the other 410 North Carolina ZIP areas with a published rate.
- Its median household income is the 301st highest of the 666 North Carolina ZIP areas with a published figure.
Sources and method
Where the figures come from
- Source: U.S. Census Bureau, American Community Survey 5-year estimates. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
- Source: U.S. Department of Housing and Urban Development, Small Area Fair Market Rents. This product uses the HUD User Data API but is not endorsed or certified by HUD User.
- Source: Federal Housing Finance Agency, House Price Index (five-digit ZIP codes, developmental).
- Source: U.S. Census Bureau, 2020 ZCTA to County Relationship File.
Rounded: ZIP-level ACS rents to $10, values to $1,000 and incomes to $100; state medians as published. No private listing data, forecasts or scores.
Caveats
Before you use these figures
A ZIP Code Tabulation Area does not always cover the same homes as the USPS ZIP code. Census medians with a coefficient of variation above 30%, or top- or bottom-coded, are not shown. Fair market rents are a HUD benchmark, not the typical rent. The main county holds the largest part of the area, not necessarily most residents.
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Educational information
Not financial, tax or legal advice
These pages summarize published statistics for education. They are not a forecast, an appraisal, or financial, tax, lending or legal advice, and they do not promise any return. Estimates have margins of error and can be revised by their publishers. Verify the figures that matter to your decision.