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 | $1,140 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,290 | $195,545 | 0.66% | D |
| 3BR | $1,570 | $266,073 | 0.59% | F |
| 4BR | $1,860 | $331,541 | 0.56% | F |
| 5BR | $2,158 | $391,763 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 29316, located in Boiling Springs, SC, within the Spartanburg, SC HUD Metro FMR Area, can serve as an effective cash-flow anchor in a Section 8 portfolio strategy. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1190, which is significantly lower than the market rent of $1554. This creates a spread that landlords can leverage to ensure steady cash flow.
The median home value in ZIP 29316 stands at $281,917. This figure is relatively stable and does not indicate rapid appreciation, further supporting the role of this ZIP as a cash-flow anchor rather than an appreciation play. Appreciation plays typically require a higher price-cut share and shorter days on market (DOM), but ZIP 29316 has a price-cut share of only 0.3%, indicating little need for discounts, and a DOM of 29 days, which is average and does not suggest a highly competitive market driving up property values.
While the renter share in ZIP 29316 is 22.0%, and the median income is $74,735, these factors do not strongly support it being a diversifier. Diversifiers often have a higher renter share and income levels that can absorb higher rents or property values. However, the combination of a moderate renter share and a stable median income makes it a reliable component of a diversified portfolio, especially when paired with properties in areas with different risk profiles.
To summarize, ZIP 29316 is best suited as a cash-flow anchor due to the favorable spread between the FMR and market rent, stable home values, and average DOM. Landlords and small-portfolio investors should consider this ZIP as part of their strategy to secure consistent rental income without the volatility associated with appreciation plays or the uncertainty of diversifying into areas with rapidly changing market conditions.
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.