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 | $940 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $172,627 | 0.62% | D |
| 3BR | $1,300 | $290,823 | 0.45% | F |
| 4BR | $1,500 | $389,760 | 0.38% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 29323, which encompasses Chesnee, Spartanburg County, and Cherokee County in South Carolina, reveals a favorable environment for rental properties. The HUD Fair Market Rent (FMR) for FY 2024 is set at $960, while the Census American Community Survey (ACS) reports a market rent of $896. This indicates that voucher tenants will generally cashflow at the FMR rate, providing a positive financial outlook for landlords.
To understand the investment potential further, we can derive the rent-to-price ratio using the median home value of $290,764. The calculated ratio is approximately 1.1%, suggesting that the rental market is relatively stable compared to the housing market. This stability is crucial for small-portfolio investors looking to mitigate risks associated with fluctuating property values.
The 50-day median Days on Market (DOM) and the 0.2% price-cut share highlight a robust real estate market where properties sell quickly without significant price adjustments. However, these metrics have limited impact on the rent-versus-buy dynamics since the focus remains on rental income rather than property sales.
In conclusion, the strongest investor angle in ZIP 29323 is cashflow. With voucher tenants paying above the market rent, landlords can expect consistent and reliable income streams, making it an attractive area for Section 8 investments.
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.