Section 8 Fair Market Rent (FMR) for ZIP 29374 - 2027
Location: Union County, SC | Metro: Spartanburg, SC HUD Metro FMR Area
Investment Score for ZIP 29374
F
Monthly Rent (2BR)
$1,070
Median Price (2BR)
$224,304
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 |
$224,304 |
0.48% |
F |
| 3BR |
$1,300 |
$335,341 |
0.39% |
F |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$78,397
To determine if you should buy in ZIP code 29374 (Pauline, SC) for Section 8, follow this decision tree based on the provided data.
1) Does the Fair Market Rent (FMR) of $1030 cover the debt service on a property valued at $337,059?
- Yes: If the FMR of $1030 is sufficient to cover the debt service, proceed to the next question. This indicates that the rent can support the mortgage payments and other expenses associated with the property.
- No: If the FMR of $1030 does not cover the debt service, purchasing in this area is not advisable for Section 8 properties. The rent would be insufficient to sustain financial obligations.
2) How does the market rent of $848 compare to the FMR?
- Above FMR: If the market rent exceeds the FMR, consider the potential for higher rents outside of Section 8. However, this also suggests that Section 8 tenants might find it difficult to afford the rent in this area.
- At FMR: If the market rent matches the FMR, there's equilibrium between what the market demands and what Section 8 allows. This scenario is neutral and requires further analysis.
- Below FMR: If the market rent is below the FMR, it's favorable for Section 8 landlords as they can charge the higher FMR rate without being out of step with local rental prices.
3) Is the demand strong enough with 8.2% of the population being renters and an unspecified number of days on the market (DOM)?
- Yes: If the 8.2% of renters represents a stable and consistent demand, and the DOM is low enough to ensure quick tenancy, then the answer is yes. This indicates a healthy rental market where finding Section 8 tenants is feasible.
- No: If the percentage of renters is too low or the DOM is high, leading to prolonged vacancy periods, the answer is no. A weak rental market can result in difficulty filling units, even with Section 8 vouchers.
- It Depends: If the 8.2% of renters is considered moderate but the DOM is unknown, the answer is it depends. You'll need to research further into the specific vacancy rates and tenant turnover times in Pauline, SC, to make an informed decision.
In conclusion, the viability of buying in ZIP 29374 for Section 8 properties hinges on the ability of the FMR to cover debt service, the comparison between market rent and FMR, and the strength of the rental demand. Use these criteria to guide your investment decisions.
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.