Location: Lee County, SC | Metro: Sumter, SC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
U.S. Census Bureau data (2024)
ZIP code 29040, located within the Lee County, SC metro, presents a unique set of characteristics that distinguish it from other areas in the county. The Fair Market Rent (FMR) for 29040 is set at $1040 for fiscal year 2024, which is notably lower than the market rent of $1,563. This indicates that while the government's estimate of affordable rent is $1040, the actual rental market demands a higher rate.
The median home value in 29040 stands at $216,821, which is indicative of a middle-tier neighborhood when compared to the broader Lee County, SC market. However, the significant portion of renters, comprising 27.3% of the population, suggests that there is a substantial demand for affordable housing options. This high renter share, combined with a below-market home value, could signal a potential value pocket for landlords and small-portfolio investors looking to capitalize on the government-subsidized rental market through programs like Section 8.
To further contextualize 29040's position within the Lee County, SC metro, consider the following:
The FMR of $1040 is significantly below the market rent of $1,563, indicating a disparity between what the government considers fair and what the market demands. This gap can be advantageous for landlords who are willing to participate in subsidized housing programs, as they can potentially receive higher rents from non-subsidized tenants while still maintaining affordability for those receiving subsidies.
The median home value of $216,821 places 29040 in the mid-tier range of the local real estate market. This makes it accessible for both first-time homeowners and investors looking for properties that offer a balance between affordability and investment potential.
A renter share of 27.3% is relatively high, suggesting a strong presence of individuals and families seeking rental accommodation. High renter shares often correlate with areas where Section 8 vouchers are frequently used, making 29040 a promising location for landlords interested in participating in such programs.
In conclusion, ZIP code 29040 appears to be a value pocket within the Lee County, SC metro. Its combination of a below-market home value, a high renter share, and a notable difference between FMR and market rent positions it as an attractive area for landlords and small-portfolio investors, particularly those considering participation in Section 8 programs.
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.