Location: Greenwood County, SC | Metro: Augusta-Richmond County, GA-SC HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,260 | $235,958 | 0.53% | F |
| 4BR | $1,430 | $314,166 | 0.46% | F |
U.S. Census Bureau data (2024)
The rental market in ZIP code 29138 presents a challenging scenario for both tenants and landlords. The median income for households in this area stands at $44,579, which is significantly lower than the market rate for renting. At $839 per month, the average market rent demands nearly 24% of the median income, making it a tight squeeze for many residents.
In comparison, the Federal Market Rate (FMR) set for voucher payments in ZIP 29138 for fiscal year 2024 is $1,020. This rate is higher than the market rate, suggesting that landlords might find voucher recipients more financially stable and capable of paying rent consistently. However, the FMR also implies a broader affordability gap for those without vouchers, who must pay the higher market rate with limited financial resources.
The ZIP code has a population of 10,018, with 28.5% of these being renters. Given the disparity between median income and market rent, the competition among renters is likely intense. Landlords should prepare for a tenant pool that is highly sensitive to price changes and may prioritize cost over other amenities or quality factors.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. Vouchers offer a guaranteed and often higher payment rate compared to the volatile market rate. While voucher tenants might come with additional administrative requirements, the financial stability they provide could outweigh the risks associated with relying solely on cash-paying tenants who face significant affordability challenges.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.