Location: Spartanburg, SC | Metro: Spartanburg, 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 | $1,200 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $147,430 | 0.92% | C |
| 3BR | $1,660 | $229,130 | 0.72% | D |
| 4BR | $1,960 | $314,496 | 0.62% | D |
| 5BR | $2,274 | $407,729 | 0.56% | F |
U.S. Census Bureau data (2024)
The rental market in ZIP 29301, Spartanburg, SC, is characterized by a strong alignment between Fair Market Rent (FMR) and the actual market rent, known as ZORI. The FMR for the fiscal year 2024 is set at $1220, while the market rent stands slightly higher at $1,279. This indicates that the rental prices are closely tracking the government's benchmark, suggesting a balanced market.
A key indicator of market dynamics is the price-cut share, which is currently at 0.3%. This low percentage implies that landlords are not frequently reducing their rents, indicating that demand is steady and possibly keeping pace with supply. Additionally, the Days on Market (DOM) of 25 days suggests that properties are moving relatively quickly, further supporting the notion that demand is robust enough to absorb the available supply.
The median home value of $237,464 provides insight into the overall housing market in Spartanburg. This figure, combined with the rental dynamics, points towards an environment where homeownership is accessible but not overwhelming, given the rental prices. The 37.2% renter share highlights a significant portion of the population preferring or needing to rent rather than own, which creates a consistent demand for rental properties.
In summary, ZIP 29301 presents a market where demand is likely matching supply, supported by the quick turnover of rental listings and the minimal need for price reductions. The substantial renter share signals ongoing pressure for affordable rental options, making it a stable and potentially attractive investment for landlords and small-portfolio investors.
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.