Location: Union County, SC | Metro: Chester County, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
The median income in ZIP code 29031 stands at $61,143, which places significant constraints on the ability of a typical household to afford the market rate rent of $1,065. This means that nearly one-fifth of the median income is required to cover the rent alone, leaving little room for other essential expenses.
Comparatively, the Housing Choice Voucher Payment Standard, also known as the Fair Market Rent (FMR), is set at $1,020 for zip code 29031 in fiscal year 2024. While this is slightly lower than the market rate, it still represents a substantial portion of the median income, highlighting a notable affordability gap for renters.
With 25.7% of the 1,617 residents being renters, the competition among landlords is likely to be moderate. However, the affordability gap suggests that many renters will heavily rely on subsidies such as the Housing Choice Voucher program to secure housing. Landlords must weigh the benefits of accepting vouchers, which ensure timely payments, against the potential for higher rents from cash-paying tenants who can afford the market rate.
In summary, the median income in ZIP 29031 makes it challenging for renters to afford the market rate without assistance. The voucher payment standard is close to the market rate but still provides a viable option for many residents. For landlords, the key takeaway is that while there is a mix of voucher and cash-paying tenants, the reliance on subsidies indicates a strategic advantage in accepting vouchers to attract and retain tenants. This approach ensures steady rental income, even if it means slightly lower rates compared to non-subsidized market rents.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.