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 | $134,541 | 0.8% | D |
| 3BR | $1,300 | $240,732 | 0.54% | F |
| 4BR | $1,500 | $311,319 | 0.48% | F |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 29330, which includes Cowpens, SC, and parts of Cherokee County, reveals a favorable environment for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for this area in fiscal year 2024 is set at $1040 per month, significantly higher than the Census ACS-reported average market rent of $878. This indicates that voucher tenants will generally provide positive cash flow to landlords without the need for premium units.
To further analyze the investment potential, consider the median home value in ZIP 29330, which stands at $207,131. Using the HUD FMR of $1040, the annual rent would be approximately $12,480. This results in an annual rent-to-price ratio of about 6%, which is relatively low compared to national averages and suggests that the area may offer good value for rental investments. However, it also implies that property appreciation might be limited, as the area does not command high rents relative to home values.
In terms of the rental versus buying dynamics, the area shows a median Days on Market (DOM) of N/A, indicating either insufficient data or a stable housing market where properties are typically sold quickly. Additionally, the share of homes experiencing a price cut of 0.2% highlights a competitive but stable market. These factors suggest that while appreciation may not be robust, the stability of the market can provide consistent cash flow and predictability for investors.
The strongest angle for Section 8 investors in ZIP 29330 is likely cash flow, given the substantial difference between the HUD FMR and the market rent, allowing landlords to earn above-average returns without the risks associated with premium unit management or the uncertainties of a volatile market.
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.