Location: Spartanburg, SC | Metro: Spartanburg, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
The analysis of ZIP code 29304 in Unknown, SC, reveals a unique scenario where specific market and home value data are not available. However, we can still evaluate the potential for rental yields based on the Fair Market Rent (FMR) figures provided by the U.S. Department of Housing and Urban Development (HUD).
Yield: The FMR for ZIP 29304 in fiscal year 2024 is set at $1140. This figure represents the maximum amount that a tenant participating in the Section 8 program would pay towards rent. In the absence of market rent and home value data, the FMR serves as a critical benchmark for assessing the rental yield potential. Landlords should aim to align their rental rates closely with this figure to maximize occupancy and income.
Stability: Without specific percentages of renters, average days on market (DOM), and median household income data, it's challenging to provide a precise assessment of the stability in ZIP 29304. Stability is crucial for long-term investment strategies, as it indicates the reliability of tenants and the overall economic health of the area. Current trends suggest that areas with higher median incomes and lower DOM typically offer more stable cash flows. Since these metrics are not provided, a definitive call on stability cannot be made.
In conclusion, ZIP 29304 appears to lean towards a high-yield but potentially low-stability market, given the reliance on the FMR for determining rental income. This suggests a scenario where quick flips might be feasible if market conditions allow for rapid property turnover. For steady cash flow, further investigation into local economic indicators and tenant demographics is necessary to confirm the stability of the area.
Data Sources: FMR data from HUD (2027).
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.