Section 8 Fair Market Rent (FMR) for ZIP 29487 - 2027

Location: Charleston-North Charleston, SC | Metro: Charleston-North Charleston, SC MSA

Investment Score for ZIP 29487

Monthly Rent (2BR)

$1,670

Median Price (2BR)

$448,402

1% Rule

0.37%

Annual Yield

4.47%

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	$1,460
1 Bedroom	$1,530
2 Bedrooms	$1,670
3 Bedrooms	$2,070
4 Bedrooms	$2,380
5 Bedrooms	$2,761
6 Bedrooms	$3,092
7 Bedrooms	$3,339
8 Bedrooms	$3,506

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
2BR	$1,670	$448,402	0.37%	F
3BR	$2,070	$627,215	0.33%	F
4BR	$2,380	$1,009,682	0.24%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,703

Median Household Income

$105,592

Housing Units

1,354

Renter Percentage

6.4%

Occupancy Rate

78.2%

Renter Occupied

Wadmalaw Island, SC, represented by ZIP code 29487, is a unique residential area known for its natural beauty and rural charm, yet it remains closely tied to the bustling city of Charleston. This location offers a mix of serene living and urban accessibility, making it attractive to both homeowners and renters. Here's a concise market analysis based on key data points:

The Fair Market Rent (FMR) for ZIP 29487 in fiscal year 2024 is set at $1,460, providing a benchmark for rental pricing.
According to the Census American Community Survey, the average market rent for the area is $1,441, slightly below the FMR but still indicative of a strong rental market.
The median home value in Wadmalaw Island is significantly high at $713,553, reflecting the desirability and quality of the housing stock.
Renters make up only 6.4% of the population, suggesting that homeownership is prevalent, which could impact the demand for rental properties.
The median income for residents is robust at $105,592, indicating a financially stable community capable of supporting higher rents and property values.
Days on Market (DOM) data is currently unavailable, but given the high median home value and stable income levels, it can be inferred that homes sell quickly when listed.

Investors should note that while the rental market is competitive, with market rents close to the FMR, the area's strong median income supports higher pricing. The high median home value suggests a mature market where appreciation might be slower compared to areas with lower entry points. However, the desirability of the location and the potential for long-term tenants due to the low renter share can offer steady returns. Given the financial stability of the residents, there is a solid foundation for maintaining or even increasing rental rates over time. For those considering entering the rental market in 29487, focus on quality properties that align with the area's high standards, and expect a niche but rewarding investment opportunity.

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.