Location: Charleston-North Charleston, SC | Metro: Charleston-North Charleston, SC MSA
| 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 |
U.S. Census Bureau data (2024)
ZIP code 29451, located on the Isle of Palms in South Carolina, stands out within the Charleston-North Charleston, SC MSA. Its Fair Market Rent (FMR) for FY 2024 is set at $2400, which is significantly lower than the market rent of $8,375. This disparity indicates that the area is not typical for the Charleston-North Charleston MSA, where rents tend to be higher.
The median home value in ZIP 29451 is listed at $1,617,615, placing it firmly in the premium sub-market category. This high valuation suggests that the area attracts a wealthier demographic compared to the broader metro region.
However, the renter share at 6.5% diverges from what would typically be expected in a premium sub-market. Premium markets usually have a lower percentage of renters due to higher homeownership rates among affluent residents. The combination of a relatively high renter share and premium home values could indicate a unique situation in 29451, possibly making it a less conventional investment opportunity for landlords focusing on Section 8 housing.
Given the high market rent and home values, coupled with the above-average renter share, ZIP 29451 is not likely to be considered a value pocket. Instead, it appears to be a premium sub-market with an unusually high proportion of renters, suggesting potential opportunities for landlords willing to cater to a more affluent rental clientele. However, the alignment with Section 8 guidelines is less clear given the high market rents and home values.
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.