Location: Orangeburg County, SC | Metro: Bamberg County, SC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $640 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $890 |
| 3 Bedrooms | $1,070 |
| 4 Bedrooms | $1,160 |
| 5 Bedrooms | $1,346 |
| 6 Bedrooms | $1,508 |
| 7 Bedrooms | $1,629 |
| 8 Bedrooms | $1,710 |
U.S. Census Bureau data (2024)
The classification of ZIP code 29038 reveals a unique balance between yield and stability, making it an interesting market for real estate investors. On the yield axis, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 stands at $900, while the market rent for the same period is $728. This indicates a potential rental upside of $172 per unit compared to the local market rate. However, the median home value in the area is significantly higher at $165,491, which can impact the overall profitability depending on the cost of acquisition.
Moving onto the stability axis, the ZIP code shows that 23.6% of residents are renters, which is relatively low and suggests a more owner-occupied community. The average daily days on market (DOM) data is not available, but the median household income is $43,563, providing insight into the economic strength of the area. This income figure is crucial as it underpins the ability of residents to pay rent, contributing to the stability of cash flows for landlords.
To determine whether this is a high-yield/low-stability flip-style market or a steady-cashflow zone, we must consider both axes. The yield potential is moderate, given the FMR advantage over market rent, but the high median home value could offset this benefit if acquisition costs are prohibitive. Stability is moderate due to the lower percentage of renters and the solid median income, indicating that tenants have the financial means to sustain long-term leases.
In conclusion, ZIP code 29038 is best classified as a market that offers a blend of moderate yield and stability. The $172 difference between the FMR and market rent presents opportunities for higher returns, while the $43,563 median income supports stable cash flows. For landlords and small-portfolio investors, this ZIP code represents a middle ground where the risks and rewards are balanced, requiring careful consideration of acquisition costs relative to the potential rental income.
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.