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 | $960 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $156,508 | 0.7% | D |
| 3BR | $1,330 | $272,443 | 0.49% | F |
| 4BR | $1,570 | $313,392 | 0.5% | F |
U.S. Census Bureau data (2024)
Skeptical investors looking at ZIP 29376 (Roebuck, SC) often raise several key concerns regarding the feasibility of investing in the area, particularly in relation to Section 8 housing. Here are some common objections and the data that addresses them.
Objection 1: Will Fair Market Rent (FMR) of $1200 for the fiscal year 2024 cover the mortgage on a $285,075 home?
The FMR of $1200 in Roebuck, SC, does not directly indicate the ability to cover a mortgage payment on a $285,075 home. To accurately assess this, one must consider the interest rate and loan terms. Assuming a standard 30-year fixed-rate mortgage with an average interest rate of around 5%, the monthly mortgage payment would be approximately $1500. This means that the FMR of $1200 would not fully cover the mortgage payment, leaving a shortfall of $300 per month. Landlords would need to ensure they can manage this gap or consider properties with lower purchase prices to align better with the FMR.
Objection 2: Is there enough renter demand at 19.9%?
The rental demand in ZIP 29376 is relatively low at 19.9%. However, this percentage alone does not provide a complete picture of the market's potential. It is important to look at the total number of renters and the vacancy rates. If the vacancy rate is low, it suggests that despite the percentage being modest, the actual number of renters might still be sufficient to fill available units. Moreover, the demand for affordable housing can remain steady even if overall rental demand is not high. Therefore, while 19.9% may seem low, it is necessary to investigate further into the local rental market dynamics to determine the true level of demand.
Objection 3: Will vouchers keep pace with $931 market rents?
The market rent in ZIP 29376 is $931, which is below the FMR of $1200. This indicates that landlords who accept vouchers can potentially receive payments closer to the FMR rather than the market rent. The Housing Choice Voucher program adjusts its payment standards periodically based on changes in the housing market. While there is no guarantee that voucher amounts will exactly match market rents, they are designed to help cover the difference between what a tenant can afford and the rent charged. In Roebuck, SC, landlords accepting vouchers should find that the combination of tenant contribution and voucher payment is adequate to meet their rental income needs, especially given that the market rent is already below the FMR.
In conclusion, while the data provides insights into the financial aspects of investing in Roebuck, SC, under Section 8, it also highlights areas where further investigation is necessary to make informed decisions. Landlords must carefully consider their mortgage costs, the actual number of renters, and the dynamics of the local rental market beyond just percentages and figures.
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.