Section 8 Fair Market Rent (FMR) for ZIP 29324 - 2027

Location: Spartanburg, SC | Metro: Spartanburg, SC HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$N/A

Housing Units

Renter Percentage

N/A

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 29324, located within the Spartanburg, SC HUD Metro FMR Area, has an FMR (Fair Market Rent) of $1150 for fiscal year 2024. This figure is critical for landlords and small-portfolio investors who rely on Section 8 housing vouchers.

Compared to typical ZIP codes within the Spartanburg, SC HUD Metro FMR Area, 29324 stands out due to several factors:

Fair Market Rent ($1150): The FMR for ZIP 29324 is likely reflective of the average rental costs in the area. However, without specific data on the typical FMR for other ZIPs in the Spartanburg metro, it's challenging to place 29324 definitively. If the overall Spartanburg metro has a higher average FMR, then 29324 could be considered a value pocket where rents are relatively affordable.
Market Rent (N/A): The absence of market rent data suggests that either the data is not available or the market rent closely aligns with the FMR. In either case, landlords should be cautious about setting rents significantly above the FMR as it might deter Section 8 voucher holders.
Home Value (N/A): Similarly, the lack of home value data means we cannot directly compare the property values in 29324 to the rest of the Spartanburg metro. However, if 29324 were to have lower home values compared to the metro average, it would further support the idea of it being a value pocket.
Renter Share (0.0%): The 0.0% renter share is highly unusual and suggests that very few homes in this ZIP code are rented. This could indicate a strong owner-occupied community or possibly a misreporting of data. For landlords looking to attract Section 8 tenants, this low renter share might present both challenges and opportunities, depending on the underlying reasons.

Based on the provided data, ZIP 29324 appears to be a value pocket within the Spartanburg, SC HUD Metro FMR Area. The relatively low FMR and the unknown but potentially lower market rents and home values suggest that properties here are more affordable. However, the extremely low renter share is a significant point of divergence, indicating that this ZIP code may not be typical in terms of rental activity.

Investors and landlords should consider the unique characteristics of 29324 when evaluating its potential as a Section 8 market. While the low FMR makes it attractive, the low renter share requires further investigation into the local rental dynamics and the potential for increasing rental activity.

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.