Location: Florence, SC | Metro: Florence, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
The Fair Market Rent (FMR) for ZIP code 29503 in fiscal year 2024 is set at $1010. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay to cover a tenant's rent under the Section 8 housing voucher program. It does not reflect the actual rent you can charge your tenants.
In ZIP 29503, the median market rent is currently listed as N/A, which means there isn't enough data to provide an accurate comparison to the FMR. However, the percentage of renters in the area who rely on government assistance is N/A%, indicating a significant portion of the local population may be interested in Section 8 properties. This suggests a steady demand for affordable housing options.
The average property value in ZIP 29503 is also marked as N/A, which would typically help determine the acquisition cost of a rental property. Without this information, it's important to conduct thorough research on recent property sales in the area to understand the typical costs involved in purchasing a home.
Before deciding to enter into a Section 8 rental agreement, ensure that your property meets all the necessary inspection criteria set by HUD. These inspections verify that the property is safe, decent, and sanitary, with no violations of health and safety standards. Failure to meet these requirements can result in reduced payments or even termination of the contract.
To summarize, the FMR of $1010 in ZIP 29503 sets the payment standard for Section 8 vouchers. Given the lack of detailed local rent data, focus on ensuring your property complies with HUD's quality standards to avoid any issues that could affect your income stream.
Data Sources: FMR data from HUD (2027).
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.