Section 8 Fair Market Rent (FMR) for ZIP 29483 - 2027

Investment Score for ZIP 29483

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	$1,390
1 Bedroom	$1,450
2 Bedrooms	$1,580
3 Bedrooms	$1,960
4 Bedrooms	$2,250
5 Bedrooms	$2,610
6 Bedrooms	$2,923
7 Bedrooms	$3,157
8 Bedrooms	$3,315

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
2BR	$1,580	$282,387	0.56%	F
3BR	$1,960	$331,974	0.59%	F
4BR	$2,250	$417,129	0.54%	F
5BR	$2,610	$489,929	0.53%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 29483 (Summerville, SC) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for Summerville, SC, in 2026 is set at $1320 for 0-bedroom units, $1380 for 1-bedroom units, $1510 for 2-bedroom units, $1880 for 3-bedroom units, and $2160 for 4-bedroom units. These figures represent the maximum amount that a Section 8 voucher holder can pay towards rent. However, the actual rental market in Summerville is significantly higher. For instance, the Zillow median price for a 2-bedroom unit is $280,484, which translates to a monthly mortgage payment far exceeding the FMR. The price-to-FMR ratio for a 2-bedroom unit is 15.5x, indicating that the average market rent is approximately $23,455 annually, compared to the FMR of $18,120 annually for a 2-bedroom unit. This suggests that voucher holders face significant constraints in finding affordable housing within the ZIP code. #### Affordability & Renter Profile Summerville has a population of 59,186, with 21.4% of residents being renters. The occupancy rate stands at 93.5%, suggesting a relatively tight rental market. Given that 21.1% of the median household income ($85,750) is required to cover the cost of a 2-bedroom unit at FMR, it indicates that the typical renter in this area must allocate a substantial portion of their income towards housing. This makes it challenging for low-income households to find suitable accommodation, especially those relying on Section 8 vouchers. The high price-to-FMR ratio also implies that landlords who accept Section 8 vouchers might struggle to compete with market rates, potentially leading to fewer available units for voucher holders. #### Investor Angle From an investor perspective, the ZIP code 29483 presents both opportunities and challenges. The FMR for 2-bedroom units is $1510, but the actual market rent is much higher. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the costs associated with owning and maintaining rental properties. If we assume a conservative estimate of $1000 per month in expenses (including property taxes, insurance, maintenance, and other costs), the net cash flow for a 2-bedroom unit would be $510 per month. This is a positive cash flow, but it is substantially lower than what could be achieved by renting at market rates. In terms of investment grade, the high price-to-FMR ratio suggests that properties in this ZIP code are overpriced relative to the FMR. Investors focusing solely on Section 8 tenants should carefully evaluate the potential for long-term profitability, considering the limited pool of eligible tenants and the lower rent ceiling imposed by the voucher program. #### Specific Actionable Insights 1. **Targeting Low-Income Housing**: Investors should focus on developing or acquiring properties specifically designed to cater to low-income households. This includes ensuring that the rental units are priced at or below the FMR levels. For example, a 2-bedroom unit should be priced at $1510 or less to remain attractive to Section 8 voucher holders. 2. **Government Subsidies and Programs**: Engage with local government programs aimed at supporting affordable housing. Summerville’s tight rental market and high price-to-FMR ratio indicate a strong need for subsidized housing. Investors who align their projects with these initiatives may benefit from additional subsidies and tax incentives, making the investment more viable. 3. **Mixed-Income Developments**: Consider mixed-income developments where some units are rented at market rates while others are reserved for Section 8 voucher holders. This approach can help balance the financial risks associated with accepting vouchers and ensure a steady cash flow. #### Bottom Line Given the high price-to-FMR ratio and the tight rental market in Summerville, the recommendation for Section 8-focused investors is to **Hold**. While there is a need for affordable housing, the current market conditions make it challenging to achieve optimal returns. Investors should proceed cautiously, focusing on properties that can be effectively managed within the constraints of the voucher program and exploring opportunities for government subsidies to enhance viability. This ZIP code is not ideal for investors seeking immediate high returns, but it offers a stable and growing market for those willing to invest in affordable housing solutions.

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.