Location: Newberry County, SC | Metro: Laurens County, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The ZIP code 29370 is characterized by a relatively low concentration of renters, with only 6.0% of the population being renters. This indicates that it is primarily a homeowner-dominated area rather than a renter-heavy zone. The total population of 542 suggests that the number of potential Section 8 tenants is limited, which could mean that vouchers are less common in this area.
The median household income in ZIP 29370 stands at $80,104, indicating a higher-income demographic. However, the lack of specific market rent data means we cannot accurately calculate what percentage of local income is typically spent on rent. Despite this limitation, we can infer that given the higher income levels, the proportion of income dedicated to rent would likely be lower compared to areas with lower median incomes.
When comparing to the Fair Market Rent (FMR) of $970 for FY 2024, it's important to note that the actual market rent might differ. Landlords should consider that while the FMR provides a benchmark, local rental prices could be higher or lower depending on the specific housing market dynamics in ZIP 29370. If the market rent aligns closely with the FMR, then tenants receiving Section 8 vouchers would find it challenging to cover the full rent amount without additional financial support, as the voucher amount is designed to meet the FMR standards.
A landlord in ZIP 29370 should anticipate a tenant profile that includes individuals and families who may require some form of rental assistance due to the higher cost of living relative to the FMR. These tenants will likely have a strong need for affordable housing options but may face difficulties finding properties that accept Section 8 vouchers given the scarcity of such tenants in the area. Therefore, landlords who decide to accept Section 8 vouchers should be prepared to offer competitive pricing and possibly cater to a niche market that values affordability over other amenities.
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.