Location: Spartanburg, SC | Metro: Spartanburg, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 29346 are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $1160 for fiscal year 2024. This figure is specific to this ZIP code, reflecting the localized rental market conditions.
To understand what a landlord receives from a Section 8 voucher, it's important to break down the components. The voucher does not cover the entire rent amount. Instead, it covers the difference between the tenant's contribution and the SAFMR. The tenant is typically required to pay 30% of their adjusted income towards rent. If we assume an average adjusted income of $1547 per month for a household eligible for Section 8 in this area, the tenant would contribute approximately $464 towards rent ($1547 * 0.3).
The voucher then covers the remaining amount up to the SAFMR. In this case, it would reimburse the landlord $696 per month ($1160 - $464). Additionally, the voucher includes utility allowances, which vary but can be estimated around $200-$300 per month. Therefore, the total reimbursement to the landlord could range from $896 to $996 per month.
This means there is a potential reimbursement gap or surplus when compared to the local market rent. Since the local market rent is not available, we cannot provide a precise comparison. However, if the local market rent were higher than the SAFMR, landlords might face a shortfall. Conversely, if it were lower, landlords could receive a surplus above the typical market rate.
In summary, for a two-bedroom apartment in ZIP 29346, a landlord participating in the Section 8 program will receive a reimbursement of $696 plus utility allowances, totaling approximately $896 to $996 per month. The SAFMR of $1160 sets the upper limit on what the voucher will pay, ensuring that rents remain affordable for low-income families while providing predictable income for landlords.
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.