Location: Spartanburg, 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 | $1,220 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,380 | $178,710 | 0.77% | D |
| 3BR | $1,680 | $280,505 | 0.6% | F |
| 4BR | $1,990 | $357,327 | 0.56% | F |
| 5BR | $2,308 | $406,556 | 0.57% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 29334, located in Duncan, South Carolina, reveals a unique balance between yield and stability that could be appealing to both landlords and small-portfolio investors. The Fair Market Rent (FMR) for 2024 stands at $1,410, which is notably lower than the market rent of $1,905. This difference suggests a potential for high rental yields if properties can be acquired at or below the FMR. However, the median home value of $309,518 indicates a relatively stable housing market, which is important for long-term investment.
The rental yield can be calculated by comparing the FMR to the market rent. A property rented at the FMR would generate approximately $16,920 annually, whereas renting at the market rate would produce $22,860 annually. This implies a potential annual increase of $5,940 by renting at market rates, which represents a significant yield improvement over the FMR.
On the stability axis, Duncan has a 24.7% share of renters, which is a moderate figure. While the average days on the market (DOM) is not available, the median household income of $81,413 provides insight into the economic health of the area. This income level is sufficient to support rental payments, especially considering the relatively low FMR compared to the market rent. It also suggests that there is a steady demand for rentals, which could translate into consistent cash flow.
To further classify this market, let's consider the following points:
The gap between the FMR and market rent indicates a high-yield potential for investors who can acquire properties at or near the FMR and rent them out at market rates. This makes it attractive for those looking to maximize returns on their investments.
The median home value and median income figures suggest a stable housing market, but the percentage of renters and lack of DOM data hint at a less predictable occupancy rate. This means that while the income levels support rental payments, the exact stability of the market is somewhat uncertain without additional metrics.
Based on these figures, ZIP 29334 appears to be a market with high yield potential due to the disparity between FMR and market rents, but with moderate stability given the income levels and renter population. This classification leans towards a high-yield/low-stability scenario, similar to a flip-style market where quick profits are possible but require active management to maintain occupancy and cash flow.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.