Location: Charleston-North Charleston, SC | Metro: Charleston-North Charleston, SC MSA
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 | $2,500 |
| 1 Bedroom | $2,600 |
| 2 Bedrooms | $2,830 |
| 3 Bedrooms | $3,510 |
| 4 Bedrooms | $4,040 |
| 5 Bedrooms | $4,686 |
| 6 Bedrooms | $5,248 |
| 7 Bedrooms | $5,668 |
| 8 Bedrooms | $5,951 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,830 | $426,638 | 0.66% | D |
| 3BR | $3,510 | $640,391 | 0.55% | F |
| 4BR | $4,040 | $846,853 | 0.48% | F |
| 5BR | $4,686 | $982,912 | 0.48% | F |
U.S. Census Bureau data (2024)
Awendaw, SC, located in ZIP code 29429, is a small, affluent community with a total population of 4,479. The area has a relatively low percentage of renters at just 5.9%, indicating a predominantly owner-occupied market. With a median household income of $112,244, residents of this neighborhood enjoy a high standard of living. The median home value stands at $759,783, reflecting the expensive nature of the housing market in this region.
The rental market in Awendaw contrasts sharply with the overall wealth of the area. According to the Census ACS, the average market rent is $2,817 per month. However, the Fair Market Rent (FMR) for Section 8 eligibility in ZIP code 29429 for fiscal year 2024 is set at $1,380, which is significantly lower than the market rate. This disparity suggests that properties eligible under the Section 8 program may be priced below the local market, potentially limiting their attractiveness to tenants who can afford higher rents.
Given these economic conditions, Awendaw, SC, is likely better suited for a hands-off voucher operator rather than a hands-on value-add buyer. The limited demand for subsidized housing, represented by the low percentage of renters, combined with the high market rents, means that there is little incentive for landlords to renovate or improve properties to attract Section 8 tenants. Instead, investors should focus on properties that can be rented out at market rates to take advantage of the strong local economy and high median income levels.
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.