Location: Columbia, SC | Metro: Columbia, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,360 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,400 |
| 5 Bedrooms | $2,784 |
| 6 Bedrooms | $3,118 |
| 7 Bedrooms | $3,367 |
| 8 Bedrooms | $3,535 |
U.S. Census Bureau data (2024)
The ZIP code 29063, located in Irmo, SC within Richland County, stands out due to its significant population of 38,201 residents, a rental rate of 19.4%, a median income of $91,973, and a median home value of $275,499. These figures indicate a middle-class community where homeownership is prevalent but a notable portion of the population still relies on rental housing.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 29063 for fiscal year 2024 is set at $1,650. This is slightly below the ZORI (Zillow Rent Index) figure of $1,757, which represents the typical market rent for the area. Landlords can expect that voucher holders will be able to cover a substantial portion of the market rent, though they might need to subsidize the difference to fully match the ZORI.
The data signature for ZIP 29063 suggests a stable environment. The relatively high median income and median home values indicate economic stability and a robust local economy. Additionally, the modest rental rate suggests that the majority of residents prefer owning their homes, which can contribute to a more stable and long-term resident base. However, the slight gap between FMR and ZORI implies a transitional element in the rental market, where landlords must balance the benefits of accepting vouchers with the realities of 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.