Location: Spartanburg, SC | Metro: Spartanburg, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The ZIP code 29375 is situated in a predominantly homeowner-driven neighborhood with a relatively low population of 177 residents. Only 8.1% of these residents are renters, indicating a strong preference for homeownership within the area. The median income for residents in ZIP 29375 stands at a robust $158,971, which suggests a higher economic status among the inhabitants. However, the median home value is not available, making it difficult to assess the overall wealth distribution among homeowners.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 29375 as of the fiscal year 2024 is set at $1,140. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their monthly rent. Unfortunately, the market rent data for this area is also unavailable, leaving a gap in understanding how competitive the FMR is against private market rates.
Given the limited data on market rents and median home values, it's challenging to definitively categorize ZIP 29375 as either a hands-off voucher operator or a hands-on value-add buyer opportunity. However, considering the high median income and low percentage of renters, this area likely caters more to a hands-off operator who can manage a smaller number of rental properties without the need for significant renovation or value-adding activities. Landlords and small-portfolio investors should be cautious about the potential for low occupancy rates due to the strong preference for homeownership, but the high-income demographic could still make this a profitable venture through steady rental income.
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.