Location: Cherokee County, 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 | $1,020 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,160 | $168,314 | 0.69% | D |
| 3BR | $1,410 | $245,411 | 0.57% | F |
| 4BR | $1,670 | $342,895 | 0.49% | F |
| 5BR | $1,937 | $404,876 | 0.48% | F |
U.S. Census Bureau data (2024)
The ZIP code 29307 in Spartanburg, SC, is home to 19,115 residents, with 25.9% being renters. This indicates a moderate renter population, suggesting there is a decent demand for rental properties, including those that accept Section 8 vouchers. The median household income in this area stands at $65,850, which provides a benchmark against which we can measure the affordability of typical market rents.
Average market rent in ZIP 29307 is $1,240, representing approximately 18.8% of the median household income. This percentage suggests that while rent is a significant portion of income, it is still manageable for many households. However, for those relying on Section 8 vouchers, the comparison to the Fair Market Rent (FMR) of $1,150 (for FY 2024) is critical. The FMR is slightly below the average market rent, indicating that landlords may need to adjust their expectations or seek out tenants who have additional sources of income to cover the difference.
Given the demographics and economic conditions of ZIP 29307, landlords should anticipate a tenant pool that includes individuals and families with low to moderate incomes, many of whom will be seeking affordable housing options. Tenants using Section 8 vouchers will likely be a part of this mix, though they may require some financial assistance beyond the voucher amount to meet the higher market rents. It's also important to note that the rental demand is not overwhelming; therefore, landlords must ensure their properties meet the standards required by the Section 8 program to attract these tenants effectively.
In summary, ZIP 29307 offers a balanced environment for landlords interested in Section 8 tenants. While the area isn't dominated by renters, there is sufficient demand to make it viable. Landlords should prepare for a tenant base that requires careful management and possibly some flexibility in rent pricing to align with the FMR and the realities of the local economy.
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.