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 | $1,050 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $152,676 | 0.78% | D |
| 3BR | $1,450 | $268,173 | 0.54% | F |
| 4BR | $1,710 | $328,626 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 29385, encompassing Lyman, SC, presents a dynamic rental market characterized by a Federal Market Rent (FMR) of $1100 for fiscal year 2024. This figure stands slightly above the market rent reported at $1,018 according to the latest Census American Community Survey (ACS). The modest gap between FMR and market rent suggests a balanced market, neither heavily favoring landlords nor tenants.
A key indicator of market conditions is the 0.2% price-cut share, which implies that very few properties are being discounted to attract tenants. This low rate indicates that landlords are generally able to maintain their asking rents without significant concessions, a sign that demand is robust relative to supply.
The median home value in ZIP 29385 is $278,349. While the Days on Market (DOM) is not available, the combination of a stable renter share at 21.9% and the minimal need for price cuts points towards a market where demand is keeping pace with supply. A higher renter share typically signals greater long-term housing pressure, as it reflects a substantial portion of the population relying on rental properties rather than owning homes. In Lyman, SC, this share suggests a steady reliance on rentals, which can be a positive sign for landlords and investors looking for consistent tenancy.
In summary, the current data for ZIP 29385 points to a market where demand is strong enough to support rental prices without significant discounts. The 21.9% renter share indicates a persistent need for rental housing, which can sustain investment opportunities for those interested in the area. Landlords and investors should find the conditions favorable for maintaining and growing their portfolios, given the balance between rental rates and home values.
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.