Section 8 Fair Market Rent (FMR) for ZIP 29372 - 2027

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

Investment Score for ZIP 29372

Monthly Rent (2BR)

$1,070

Median Price (2BR)

$121,390

1% Rule

0.88%

Annual Yield

10.58%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$940
1 Bedroom	$980
2 Bedrooms	$1,070
3 Bedrooms	$1,300
4 Bedrooms	$1,500
5 Bedrooms	$1,740
6 Bedrooms	$1,949
7 Bedrooms	$2,105
8 Bedrooms	$2,210

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,070	$121,390	0.88%	C
3BR	$1,300	$184,432	0.7%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,552

Median Household Income

$46,739

Housing Units

2,156

Renter Percentage

20.0%

Occupancy Rate

79.3%

Renter Occupied

342

The ZIP code 29372, located in Pacolet, South Carolina, offers a stable and affordable housing market for both landlords and small-portfolio investors. The area is characterized by a mix of residential neighborhoods, offering a tranquil environment suitable for families and retirees.

Fair Market Rent (FMR): For fiscal year 2024, the FMR for a two-bedroom apartment in ZIP 29372 is set at $920, providing a benchmark for rental pricing that reflects local affordability standards.
Market Rent: According to Census ACS data, the average market rent for properties in the area is $746, indicating a below-average cost compared to the state's overall rental rates.
Median Home Value: The median home value in ZIP 29372 stands at $162,416, making it an attractive option for those looking to invest in a property with strong appreciation potential.
Renter Share: Approximately 20.0% of the residents are renters, suggesting a moderate demand for rental properties and a balanced market between homeowners and tenants.
Median Income: The median household income is $46,739, which aligns well with the average market rent, ensuring that most residents can afford their living costs without financial strain.

Investors considering the Pacolet, SC market should note the discrepancy between the Fair Market Rent and the actual market rent, indicating a possible opportunity to adjust rental prices upwards while remaining competitive. The median home value suggests that the area is ripe for investment due to its relatively low entry barrier and potential for growth. With a moderate renter share and a median income that supports current rental prices, there is a solid foundation for steady returns on investment. However, the lack of data on days on market (DOM) indicates a need for further research to understand the speed at which properties are typically leased or sold.

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.