Location: Darlington County, SC | Metro: Florence, 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 | $940 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,100 | $105,909 | 1.04% | B |
| 3BR | $1,390 | $192,121 | 0.72% | D |
| 4BR | $1,510 | $298,527 | 0.51% | F |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $990 for ZIP 29161 in fiscal year 2024 will sufficiently cover the mortgage on a property valued at $176,991. To address this, we need to consider the typical mortgage rates and terms. Assuming a standard 30-year fixed-rate mortgage at an average rate of around 5%, the monthly payment on a $176,991 home would be approximately $950. This means that the FMR does indeed cover the mortgage payment, leaving a small buffer for maintenance and other costs.
The second objection concerns the adequacy of renter demand in Timmonsville, SC. With only 29.3% of the population renting, some might argue that there isn't sufficient demand to support a robust rental market. However, this percentage aligns closely with the national average, suggesting that the local rental market is not underperforming. Furthermore, the median gross rent of $865 indicates that there is a stable base of renters willing to pay market rates, which can be a reliable indicator of demand.
Lastly, an investor might worry if voucher amounts will keep up with the increasing market rents. The current voucher amount for ZIP 29161 is set below the market rent of $865. Historically, voucher amounts have been adjusted annually based on changes in the cost of living and housing prices. While the data does not provide future projections, it is reasonable to expect that adjustments will continue, though they may not always match the exact pace of market rent increases. Investors should monitor local HUD announcements and budget allocations for any updates on voucher amounts.
In conclusion, while there are valid concerns regarding covering mortgage payments, renter demand, and voucher adequacy, the data suggests that the FMR is sufficient for mortgage coverage, the rental percentage is in line with national standards, and historical trends indicate ongoing adjustments to voucher amounts.
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.