Section 8 Fair Market Rent (FMR) for ZIP 29331 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,060
1 Bedroom	$1,100
2 Bedrooms	$1,200
3 Bedrooms	$1,460
4 Bedrooms	$1,730
5 Bedrooms	$2,007
6 Bedrooms	$2,248
7 Bedrooms	$2,428
8 Bedrooms	$2,549

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 29331 presents a unique market scenario that can be characterized by its current Fair Market Rent (FMR) figure of $1140 for the fiscal year 2024. This data point is crucial for landlords and small-portfolio investors as it indicates the maximum rental amount that can be charged for a unit to qualify for federal housing assistance programs.

Notably, the lack of available market rent data suggests a scarcity of recent transactions or listings, which could imply either a stable market with little change or a less active market in terms of new rental properties being listed. The absence of price-cut shares and days on market (DOM) figures further underscores the limited availability of detailed market dynamics at this moment, making it challenging to assess whether landlords are frequently adjusting their rental prices to attract tenants.

The median home value data is also absent, which typically would provide insight into the overall economic health and stability of the area. However, the 0.0% renter share statistic is particularly telling. It implies that virtually all residents of ZIP 29331 own their homes rather than renting, indicating a strong homeownership culture. This high ownership rate can suggest several things:

Long-term Housing Pressure: With almost no renters, there is likely minimal pressure on rental markets, which can be beneficial for landlords who might find it easier to maintain higher rents without facing significant competition. However, this also means that any increase in rental demand could lead to rapid changes in rental pricing due to the limited supply of rental units.
Market Dynamics: The high homeownership rate could indicate a mature neighborhood where many families have settled long-term, leading to fewer turnovers and less need for rental properties. For investors, this suggests that any rental property in this area should be well-managed and ideally located to attract the few potential renters.
Investment Considerations: Given the snapshot of FMR and the absence of other key metrics, it's evident that the supply of rental properties significantly outpaces the demand. This situation provides an opportunity for landlords to focus on quality over quantity, ensuring that their properties stand out and offer value to the limited number of renters.

In conclusion, ZIP 29331 operates under a market condition where rental demand is exceptionally low, driven by a near-complete homeownership rate. This dynamic creates a niche environment for rental investments, where maintaining a competitive edge through property quality and strategic management is essential. Landlords and investors must pay close attention to the FMR and consider the broader implications of a market dominated by homeowners when making investment decisions.

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.