Location: Orangeburg County, SC | Metro: Charleston-North Charleston, SC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The rent math in ZIP 29432 does not work favorably for landlords. The Fair Market Rent (FMR) set at $1380 for the fiscal year 2024 is significantly higher than the actual market rent of $757 according to the Census ACS. This discrepancy suggests that landlords may struggle to justify higher rental rates based on the local market conditions.
Acquisition in this area is relatively affordable. The median home value stands at $151,918. However, the lack of data on the number of days on the market (DOM) and the percentage of homes needing price cuts indicates a potential gap in understanding the current housing market dynamics. This could mean that while the median home value is low, there might be challenges in selling properties quickly or at full price without further investigation into these metrics.
Tenant demand is present but limited by the size of the population. With a total population of 2,424 and a renter share of 31.2%, approximately 756 residents are likely seeking rental accommodation. This number provides a baseline for the potential tenant pool, though it is relatively small compared to larger metropolitan areas.
Verdict: ZIP 29432 presents a mixed picture for landlords and small-portfolio investors. While the cost of acquiring property is low, with a median home value of $151,918, the significant gap between the FMR of $1380 and the market rent of $757 poses a challenge in setting profitable rental prices. Tenant demand exists but is constrained by the modest population size. Therefore, careful consideration of the local market's ability to support higher rents is necessary before investing in this ZIP code. The affordability of acquisitions and the presence of renters make it a viable option, but only if landlords can effectively manage their properties to meet the lower market rent expectations.
Data Sources: FMR data from HUD (2027). 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.