Section 8 Fair Market Rent (FMR) for ZIP 29464 - 2027

Investment Score for ZIP 29464

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	$2,140
1 Bedroom	$2,230
2 Bedrooms	$2,430
3 Bedrooms	$3,010
4 Bedrooms	$3,470
5 Bedrooms	$4,025
6 Bedrooms	$4,508
7 Bedrooms	$4,869
8 Bedrooms	$5,112

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,230	$317,043	0.7%	D
2BR	$2,430	$419,899	0.58%	F
3BR	$3,010	$807,806	0.37%	F
4BR	$3,470	$1,339,320	0.26%	F
5BR	$4,025	$2,138,280	0.19%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 29464 (Mount Pleasant, SC) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 29464, as determined by HUD for 2026, is set at $2530 for a two-bedroom unit. This represents 27.1% of the median household income of $111,907 in the area. However, the actual rental market in Mount Pleasant is significantly higher. For instance, the Zillow median price for a two-bedroom home is $423,821, which translates to a monthly rent of approximately $3532 based on typical mortgage payments and property management costs. This means that the actual rents are about 14 times the FMR for a two-bedroom unit, indicating a substantial gap between the FMR and market rates. Given these figures, voucher holders face significant constraints in finding suitable housing within their budget. The $2530 FMR is far below the average market rent, making it challenging for tenants to secure properties without landlords accepting a higher rent supplement or the tenant paying the difference out-of-pocket. This situation often leads to voucher holders being concentrated in lower-cost areas or facing difficulties in securing housing altogether. #### Affordability & Renter Profile With a population of 53,045 and a renter percentage of 34.5%, Mount Pleasant has a considerable number of renters, totaling around 18,300 individuals. The occupancy rate stands at 87.9%, suggesting a relatively tight rental market where demand is high and supply is somewhat constrained. Given the median household income of $111,907, the majority of residents can afford market-rate rentals, but those relying on Section 8 vouchers find themselves in a precarious position due to the high cost of living. The renter profile in Mount Pleasant is likely diverse, including young professionals, families, and retirees who may be seeking affordable housing options. However, the high price-to-FMR ratio indicates that the market is not particularly affordable for low-income households. This tight market dynamic makes it difficult for voucher holders to find properties that fit within their budget, leading to potential overcrowding in certain neighborhoods or a reliance on less desirable units. #### Investor Angle From an investor perspective, the ZIP code 29464 presents both opportunities and challenges. The FMR for a two-bedroom unit is $2530, but the actual market rent is closer to $3532. This discrepancy suggests that landlords who accept Section 8 vouchers may struggle to achieve positive cash flow unless they can secure additional rent supplements or manage costs effectively. The investment grade for this ZIP code would be considered moderate to high risk due to the stringent affordability requirements imposed by the FMR. Investors should carefully evaluate the potential for long-term returns against the immediate cash flow challenges. Additionally, the high median household income and occupancy rate indicate strong overall demand, which could provide some stability and growth potential over time. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors might consider focusing on smaller units such as one-bedroom apartments. The FMR for a one-bedroom unit is $2310, which is still well below the market rate. By targeting smaller units, investors can potentially attract a broader range of tenants, including those who might be willing to pay a portion of the difference between the FMR and market rent. 2. **Seek Government Subsidies**: Investors should explore government subsidies and programs designed to support affordable housing. These programs can help bridge the gap between the FMR and market rates, making properties more attractive to voucher holders while maintaining profitability. For example, Low-Income Housing Tax Credits (LIHTC) can provide financial incentives to develop affordable rental housing. 3. **Consider Mixed-Income Developments**: Developing mixed-income housing projects can be a strategic approach to balancing the needs of voucher holders with the realities of the local rental market. By incorporating a mix of market-rate and subsidized units, investors can ensure steady cash flow while also contributing to the community’s need for affordable housing. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 29464 is to **skip** this market. The high price-to-FMR ratio and the tight rental market make it challenging to achieve positive cash flow without significant additional rent supplements or cost management strategies. While there is strong overall demand, the specific constraints faced by voucher holders suggest that this area is not ideal for investors looking to primarily serve the Section 8 population. Instead, investors might want to look at other ZIP codes with more favorable price-to-FMR ratios or consider developing mixed-income projects to balance affordability and profitability.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.