Section 8 Fair Market Rent (FMR) for ZIP 29118 - 2027

Location: Orangeburg County, SC | Metro: Columbia, SC HUD Metro FMR Area

Investment Score for ZIP 29118

Monthly Rent (2BR)

$1,150

Median Price (2BR)

$125,653

1% Rule

0.92%

Annual Yield

10.98%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$930
1 Bedroom	$1,050
2 Bedrooms	$1,150
3 Bedrooms	$1,470
4 Bedrooms	$1,720
5 Bedrooms	$1,995
6 Bedrooms	$2,234
7 Bedrooms	$2,413
8 Bedrooms	$2,534

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,150	$125,653	0.92%	C
3BR	$1,470	$225,454	0.65%	D
4BR	$1,720	$307,576	0.56%	F
5BR	$1,995	$407,397	0.49%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

15,135

Median Household Income

$64,167

Housing Units

6,880

Renter Percentage

35.6%

Occupancy Rate

89.3%

Renter Occupied

2,186

Orangeburg, SC, located in the heart of South Carolina's Lowcountry, is a growing market that offers both stability and potential for real estate investment. The area is known for its blend of rural charm and suburban convenience, making it attractive to a variety of renters and homeowners.

The Fair Market Rent (FMR) for ZIP 29118 in fiscal year 2024 is set at $1,020, which provides a benchmark for rental pricing.
The actual market rent, as measured by Zillow's ZORI index, stands at $1,361, indicating a higher demand and willingness to pay beyond the FMR.
The median home value in Orangeburg is $230,285, offering a moderate entry point for home purchases.
Renters make up 35.6% of the housing market, showing a significant portion of the population prefers leasing over buying.
The median household income in the area is $64,167, providing insight into the economic capacity of residents to afford housing.

The data points indicate a robust rental market in Orangeburg, SC, where the actual rents exceed the FMR, suggesting strong demand among tenants. With a median home value that is relatively accessible, coupled with a substantial renter share, landlords and small-portfolio investors can expect steady returns on their investments. However, the median income figure should be considered when setting rent prices to ensure affordability for the majority of residents. Overall, Orangeburg presents a balanced opportunity for real estate investment, particularly in the rental sector, with potential for growth as the area continues to develop.

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.