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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $122,273 | 0.88% | C |
U.S. Census Bureau data (2024)
The ZIP code 29377, located in Startex, SC, presents a dynamic rental market that is indicative of ongoing changes. The Fair Market Rent (FMR) for the area stands at $910 for fiscal year 2024, while the market rent as per the latest Census American Community Survey (ACS) is listed at $651. This discrepancy suggests a market where rents are expected to rise, aligning with the higher FMR set by HUD, which often precedes actual market adjustments.
The median home value in the area is $134,399, indicating a relatively affordable housing market. However, with a significant 68.8% of residents being renters, there's a notable long-term housing pressure. This high percentage of renters points to a scenario where many individuals and families find homeownership less attainable, possibly due to financial constraints or preference for renting. It also implies that landlords and small-portfolio investors can expect a steady demand for rental properties, as the population leans heavily towards renting rather than buying.
The lack of data on price-cut share and days on market (DOM) means we cannot directly assess whether supply is outpacing demand or vice versa. However, the gap between the FMR and the current market rent suggests that there might be upward pressure on rental rates, which could indicate a market where demand is keeping pace with or exceeding supply. This scenario would be favorable for landlords looking to maintain or increase their rental income.
In summary, ZIP 29377 offers a rental market with potential for growth, driven by a high percentage of renters and an expected increase in rental rates. Landlords and small-portfolio investors should be prepared for a market that is likely to see rising rents, reflecting the dynamics of both affordability and demand.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.