Location: Charleston-North Charleston, SC | Metro: Charleston-North Charleston, SC MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,120 |
| 1 Bedroom | $2,200 |
| 2 Bedrooms | $2,400 |
| 3 Bedrooms | $2,980 |
| 4 Bedrooms | $3,420 |
| 5 Bedrooms | $3,967 |
| 6 Bedrooms | $4,443 |
| 7 Bedrooms | $4,798 |
| 8 Bedrooms | $5,038 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,200 | $332,151 | 0.66% | D |
| 2BR | $2,400 | $482,704 | 0.5% | F |
| 3BR | $2,980 | $692,076 | 0.43% | F |
| 4BR | $3,420 | $1,197,590 | 0.29% | F |
| 5BR | $3,967 | $2,201,551 | 0.18% | F |
U.S. Census Bureau data (2024)
ZIP code 29492 is located in the upscale Mount Pleasant area of Charleston, South Carolina. This neighborhood is characterized by its affluent residents and high property values, making it a desirable location for both living and investment. With a total population of 20,436, nearly 40.3% of the residents are renters, indicating a significant demand for rental properties in the area.
The median household income in ZIP 29492 is a robust $110,509, which is well above the national average. This economic strength supports a thriving rental market where the median home value stands at an impressive $942,700. Such figures suggest that the area attracts individuals and families with substantial financial means, who are willing to pay premium prices for housing.
Moving into the specifics of rent economics, the Fair Market Rent (FMR) for ZIP 29492 in fiscal year 2024 is set at $2,040, while the actual market rent, as measured by Zillow's ZORI index, is slightly lower at $2,013. These figures represent the average monthly rent for a typical unit in the area, illustrating a tight alignment between government estimates and real-world market conditions.
Given these characteristics, ZIP 29492 is best suited for a hands-on value-add buyer rather than a hands-off voucher operator. The affluent nature of the neighborhood and the high property values indicate that there is room for improvement and enhancement of rental properties to command higher rents. For those interested in maximizing returns through active management and property upgrades, this area offers significant potential. Conversely, the hands-off approach might struggle due to the competitive and dynamic nature of the local real estate market, necessitating a more engaged strategy to succeed.
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.