Location: Columbia, SC | Metro: Columbia, 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 | $1,330 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,080 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,650 | $182,214 | 0.91% | C |
| 3BR | $2,080 | $241,781 | 0.86% | C |
| 4BR | $2,390 | $294,019 | 0.81% | C |
| 5BR | $2,772 | $365,440 | 0.76% | D |
U.S. Census Bureau data (2024)
The ZIP code 29229 in Columbia, SC, stands out within Richland County due to its significant population of 51,861 residents, with nearly 30% of them renting their homes. The median income here is $74,043, indicating a middle-class community, while the median home value is notably higher at $267,124, suggesting a stable housing market. This combination of a large resident base, substantial rental activity, and high home values makes 29229 an attractive area for landlords and small-portfolio investors.
When it comes to voucher economics, the Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $1,760, which is slightly below the market's ZORI (Zillow Rental Index) rate of $1,779. This minor difference between the FMR and the actual market rates means that landlords accepting Section 8 vouchers can expect a competitive rental environment. However, the gap is narrow enough to ensure that rents remain reasonable and accessible to tenants with vouchers, without significantly impacting the landlord's income.
The data signature for ZIP 29229 reads as stable. With a steady median income and home values, there is little indication of rapid changes that would suggest a transitional phase. The slight disparity between the FMR and market rates also supports a balanced rental market, where both landlords and tenants can find mutually beneficial arrangements. For those looking to invest in a consistent and reliable market, ZIP 29229 presents a solid opportunity.
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.