Location: Columbia, SC | Metro: Columbia, SC HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,120 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,390 | $169,986 | 0.82% | C |
| 3BR | $1,750 | $213,507 | 0.82% | C |
| 4BR | $1,990 | $304,460 | 0.65% | D |
U.S. Census Bureau data (2024)
The ZIP code 29033, located in Cayce, SC, is characterized by a significant rental population. With a total population of 12,837, 39.3% of residents are renters, indicating a robust demand for rental properties. The median household income stands at $61,237, which provides a baseline for assessing affordability.
The typical market rent of $1,514 represents approximately 24.7% of the median household income. This suggests that while rent is a substantial portion of income, it remains within a reasonable range for most households. Comparatively, the Fair Market Rent (FMR) for the area is set at $1,290 for FY 2024, indicating that landlords may be charging above the FMR, which could affect the availability of tenants who qualify for Section 8 vouchers.
Section 8 vouchers are designed to help low-income families afford housing, and the maximum allowable rent under these programs is typically aligned with the FMR. Given that the market rent exceeds the FMR by about $224, landlords might find that the voucher pool is limited, especially for properties priced higher than the FMR. However, the high percentage of renters suggests that there is still a considerable market for rental properties, even if some tenants require assistance through vouchers.
In terms of tenant profiles, landlords in 29033 can expect a mix of working-class individuals and families who rely on their income to cover living expenses, including rent. These tenants are likely to be seeking affordable housing options and may have a preference for properties that offer good value for money. While the voucher program may not fully cover the market rent, it can still provide substantial support to tenants, making it worthwhile for landlords to consider participating in the program to attract a broader range of potential tenants.
To summarize, ZIP 29033 is a renter-heavy area with a strong demand for affordable housing. Landlords should prepare for a tenant base that includes those needing financial assistance through Section 8 vouchers, though they may need to adjust expectations regarding full market rent coverage.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.