Location: Columbia, SC | Metro: Columbia, SC HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 29166 is part of a small, close-knit neighborhood with a total population of 611 residents. Approximately 27.5% of these residents are renters, indicating a modest demand for rental properties. The median household income in this area is $45,652, suggesting that while it's not a high-income zone, there is a stable economic base supporting the community. Notably, the median home value is not available, which could imply a lack of comprehensive data or a unique situation where home values are either too diverse or not commonly reported.
Moving into the specifics of rent economics, the Fair Market Rent (FMR) for ZIP 29166 as of the fiscal year 2024 is set at $1,020. This figure represents the benchmark used by the U.S. Department of Housing and Urban Development (HUD) for determining the maximum amount a landlord can charge for a Section 8 rental unit. In contrast, the market rent, according to the Census Bureau's American Community Survey (ACS), stands at $771. This gap between the FMR and the actual market rent presents an opportunity for landlords who are willing to participate in the Section 8 program, as they can potentially command higher rents compared to the local market rate.
Given the economic landscape of ZIP 29166, it would be well-suited for a hands-off voucher operator. The stable income levels and the presence of a sizeable renter population ensure a steady stream of eligible tenants. However, the discrepancy between the FMR and market rent also opens the door for a hands-on value-add buyer. By improving the quality of their rental units and positioning them as desirable options under the Section 8 program, landlords can leverage the higher FMR to increase their rental income, making this a viable strategy for those looking to enhance their investment properties beyond just basic management.
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.