Section 8 Fair Market Rent (FMR) for ZIP 29412 - 2027

Location: Charleston-North Charleston, SC | Metro: Charleston-North Charleston, SC MSA

Investment Score for ZIP 29412

Monthly Rent (2BR)

$2,190

Median Price (2BR)

$368,728

1% Rule

0.59%

Annual Yield

7.13%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,930
1 Bedroom	$2,010
2 Bedrooms	$2,190
3 Bedrooms	$2,720
4 Bedrooms	$3,120
5 Bedrooms	$3,619
6 Bedrooms	$4,053
7 Bedrooms	$4,377
8 Bedrooms	$4,596

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,010	$244,282	0.82%	C
2BR	$2,190	$368,728	0.59%	F
3BR	$2,720	$591,310	0.46%	F
4BR	$3,120	$817,867	0.38%	F
5BR	$3,619	$1,104,083	0.33%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

39,256

Median Household Income

$101,509

Housing Units

18,413

Renter Percentage

27.3%

Occupancy Rate

91.0%

Renter Occupied

4,570

The economics of Section 8 housing in ZIP code 29412, located in Charleston, SC, within Charleston County, operate based on specific financial mechanisms designed to support affordable housing. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $1930 for fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, reflecting local rental market conditions.

Local market rents, as indicated by ZORI (Zillow Observed Rent Index), currently stand at $2,129 for a similar two-bedroom unit. This means that landlords participating in the Section 8 program can expect to receive a payment that is slightly below the average market rent for the area.

A landlord's reimbursement from a Section 8 voucher is calculated as follows:

Tenant Portion: The tenant is responsible for paying approximately 30% of their adjusted income towards rent. If the tenant's income is low enough, this portion might be capped at a minimum amount set by HUD (Housing and Urban Development).
Voucher Payment: The Section 8 voucher will cover the difference between the tenant’s payment and the SAFMR, up to the $1930 limit. For example, if a tenant pays $600, the voucher would pay the remaining $1330 to reach the SAFMR.
Utility Allowances: In addition to the rent, there are utility allowances which vary but are typically around $300-$400 per month. These allowances are meant to help cover the cost of utilities and are paid directly to the tenant.

The reimbursement gap for a landlord in ZIP 29412 is the difference between the local market rent ($2,129) and the SAFMR ($1930). This results in a potential shortfall of $199 per month for a landlord renting out a two-bedroom unit under the Section 8 program. Conversely, if the local market rent were lower than the SAFMR, landlords would see a surplus.

To illustrate, if a landlord charges $2,129 for a two-bedroom apartment, they will receive $1930 from the Section 8 voucher, leaving them with a shortfall of $199 per month. This shortfall must be managed by the landlord, either through accepting a lower profit margin or seeking ways to reduce operational costs.

In summary, landlords in ZIP 29412 should anticipate a reimbursement of up to $1930 for a two-bedroom unit under the Section 8 program, with an additional utility allowance paid directly to the tenant. Given the local market rent of $2,129, there is a consistent reimbursement gap of $199 per month for landlords in this area.

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.