Location: Union County, SC | Metro: Union County, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
U.S. Census Bureau data (2024)
The ZIP code 29321 presents an interesting scenario for both renters and landlords. Given the median income of $34,464, it becomes evident that the market rate of $904 for rent places a significant burden on households. This rate represents approximately 32% of the annual income, which is higher than the recommended guideline of spending no more than 30% of one’s income on housing.
Comparatively, the Fair Market Rent (FMR) set at $1,000 for the metro area in fiscal year 2026 is even more challenging for residents. At this rate, the rent would consume over 34% of the median household income, further straining budgets. The difference between the market rate and the FMR highlights a notable affordability gap, where renters must either find ways to stretch their budget or seek alternative solutions such as subsidized housing.
In ZIP 29321, with only 13.6% of the 3,236 population being renters, the competition among landlords is relatively low. However, this also means that there is a smaller pool of potential tenants, making it crucial for landlords to consider the financial capabilities of the local population when setting rental prices.
For landlords considering voucher versus cash-pay strategies, the data suggests that accepting vouchers could be a viable option. While vouchers might offer slightly lower rates than the FMR, they ensure a steady stream of income and reduce the risk of non-payment. Moreover, given the tight budgets of many local households, vouchers represent a lifeline that could increase the attractiveness of properties to renters. In contrast, relying solely on cash-paying tenants risks leaving units vacant if the rent exceeds what locals can afford.
The takeaway for landlords is clear: while setting rents at market rates or even FMR levels might seem appealing due to higher immediate income, it could lead to prolonged vacancies. Accepting vouchers not only helps fill units but also supports the community by providing affordable housing options. Landlords should weigh these factors carefully when deciding on their rental strategy.
Data Sources: FMR data from HUD (2027). 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.