Location: Laurens County, SC | Metro: Laurens County, 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 | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,020 | $222,521 | 0.46% | F |
| 3BR | $1,230 | $285,819 | 0.43% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 29384, which encompasses Waterloo, SC, stands at $51,384. This figure is crucial when considering the local rental market, where the average monthly rent is $646 according to the latest Census ACS data. Given these numbers, it becomes evident that the average household would find it challenging to afford the market rate rent. To put this into perspective, the median income translates to approximately $4,282 per month before taxes, suggesting that a significant portion of a household’s income would be allocated towards rent.
In comparison, the Federal Market Rent (FMR) standard for zip code 29384 in fiscal year 2024 is set at $910. This represents the maximum amount that a Section 8 voucher will cover for a given unit. The difference between the market rate ($646) and the FMR ($910) indicates an affordability gap, as market rates are below the voucher payment standard. However, this also means that landlords might not receive the full voucher amount if they set their rents at the market rate, leaving them with less income than what the voucher could potentially provide.
With only 12.0% of the 3,443 population being renters, the competition among landlords is relatively low. This suggests that landlords have some flexibility in setting their rents, but they must also consider the financial capabilities of potential tenants. The affordability gap implies that landlords who rely solely on market-rate rents might face challenges in finding tenants willing or able to pay the full amount, especially if they require a higher rent than what the average household can comfortably afford.
For landlords contemplating whether to accept Section 8 vouchers or focus on cash-paying tenants, the data points to a strategic decision. Accepting vouchers could ensure a steady stream of income, albeit slightly above the current market rate. On the other hand, focusing on cash-paying tenants requires setting competitive rates that align with the local economic reality, possibly below the voucher payment standard. The key takeaway is that landlords should weigh the benefits of guaranteed income from vouchers against the potential risks of vacancy due to high market rates in a low-renter population area. A mixed strategy, offering units at both market rates and accepting vouchers, might be the most prudent approach to maximize occupancy and income stability.
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.