Section 8 Fair Market Rent (FMR) for ZIP 29302 - 2027

Location: Spartanburg, SC | Metro: Spartanburg, SC HUD Metro FMR Area

Investment Score for ZIP 29302

Monthly Rent (2BR)

$1,180

Median Price (2BR)

$166,664

1% Rule

0.71%

Annual Yield

8.5%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,040
1 Bedroom	$1,080
2 Bedrooms	$1,180
3 Bedrooms	$1,440
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,180	$166,664	0.71%	D
3BR	$1,440	$239,641	0.6%	D
4BR	$1,700	$417,283	0.41%	F
5BR	$1,972	$555,190	0.36%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

19,918

Median Household Income

$80,819

Housing Units

8,440

Renter Percentage

29.1%

Occupancy Rate

92.7%

Renter Occupied

2,277

The ZIP code 29302, located in Spartanburg, SC, presents a stable rental market that is particularly attractive for landlords and small-portfolio investors seeking steady returns. The area's economic and social dynamics provide a solid foundation for investment opportunities.

Fair Market Rent (FMR): For fiscal year 2024, the FMR for a two-bedroom apartment in ZIP 29302 is set at $1,180, offering a benchmark for rental pricing.
Market Rent (ZORI): According to Zillow's Observed Rent Index (ZORI), the average market rent for a similar unit is $1,401, indicating a premium over the FMR.
Median Home Value: The median home value in the area stands at $269,399, reflecting a moderate housing market.
Renter Share: With 29.1% of residents being renters, there is a significant demand for rental properties.
Days on Market (DOM): Properties typically spend only 16 days on the market before securing a tenant, suggesting strong demand and quick turnover.
Median Income: The median household income in ZIP 29302 is $80,819, providing insight into the financial stability of potential tenants.

Investors looking to enter the Spartanburg rental market can expect favorable conditions. The gap between the Fair Market Rent and the actual market rent suggests that there is room for competitive pricing without sacrificing occupancy rates. A 29.1% renter share indicates a substantial portion of the population relies on rentals, ensuring a consistent pool of tenants. Quick turnover times, as evidenced by the 16-day DOM, mean that properties will not remain vacant for long periods. Coupled with a median income of $80,819, this area supports a reliable tenant base capable of paying the established rents. Given these factors, ZIP 29302 offers a promising opportunity for steady rental income and property appreciation.

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.