Location: Chesterfield County, SC | Metro: Darlington County, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 29101 in fiscal year 2024 is set at $980. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; it's the payment standard used by the Housing Choice Voucher program.
In comparison, the average rent for the same area, according to Census American Community Survey data, is $670. This difference highlights the potential advantage of participating in Section 8, where you can charge closer to the FMR rather than the typical market rate.
The 20.5% share of renters in ZIP 29101 indicates a strong demand for rental housing. This percentage suggests that over one-fifth of the households in the area are already renting, which means there is a significant portion of the population likely to benefit from the Section 8 program. This high demand for affordable housing can be a positive indicator for your investment, ensuring a steady stream of tenants.
If you're looking to acquire property in this ZIP code, the median home value stands at $159,587. This gives you an idea of the typical price range for homes in the area, which can help you determine if the acquisition cost aligns with your investment goals and the expected returns from the Section 8 program.
Before proceeding with your first Section 8 rental, it's crucial to verify the Local Payment Standards (LPS) for the area. These standards can vary from the FMR and might affect the actual amount you receive. Checking these standards will ensure you understand the financial implications and plan accordingly.
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.