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 | $1,040 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,080 | $169,503 | 0.64% | D |
| 2BR | $1,180 | $194,659 | 0.61% | D |
| 3BR | $1,440 | $294,858 | 0.49% | F |
| 4BR | $1,700 | $385,468 | 0.44% | F |
| 5BR | $1,972 | $441,874 | 0.45% | F |
U.S. Census Bureau data (2024)
Inman, SC, located in ZIP code 29349, is a modest-sized community with a total population of 39,083. Only 10.8% of the residents are renters, indicating a primarily owner-occupied environment. The median household income in this area stands at $76,168, reflecting a middle-class demographic. The median home value in Inman is $302,282, suggesting that homeownership is relatively affordable compared to many other areas.
The economic landscape for rental properties in Inman is defined by the stark contrast between the Fair Market Rent (FMR) and the actual market rents. For the fiscal year 2024, the FMR for Inman is set at $1,140, which is significantly lower than the market rent of $1,716, as measured by the Zillow Observed Rent Index (ZORI).
This gap between FMR and market rents presents a unique opportunity for Section 8 investors. Given the low percentage of renters and the relatively high median income, it is likely that a hands-off voucher operator would find the market challenging. The demand for Section 8 properties might be limited due to the higher market rents and the preference for homeownership among local residents.
On the other hand, a hands-on value-add buyer could leverage the higher market rents to create a profitable investment strategy. By focusing on property improvements and management practices that appeal to a broader range of tenants, including those who might qualify for vouchers, an active investor could attract both Section 8 tenants and market-rate renters. This dual approach would help mitigate the risk associated with relying solely on the voucher program.
In conclusion, while Inman's ZIP 29349 offers a stable and middle-income community, the dynamics of its rental market suggest that a hands-on approach will yield better returns for Section 8 investors. The combination of improving properties to meet market standards and managing a diverse tenant base can create a robust and sustainable investment portfolio.
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.