Location: Williamsburg County, SC | Metro: Florence, SC HUD Metro FMR Area
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 | $860 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $81,093 | 1.25% | A |
| 3BR | $1,300 | $134,551 | 0.97% | C |
| 4BR | $1,430 | $194,408 | 0.74% | D |
U.S. Census Bureau data (2024)
The market in ZIP 29560, which encompasses Lake City, SC, reveals a dynamic where demand appears to be closely aligned with supply, if not slightly outpacing it. The Fair Market Rent (FMR) for the area stands at $910 for the fiscal year 2024, while the actual market rent as per the Census ACS data is lower at $709. This suggests that rental prices are below the federal guidelines, indicating a possible surplus of rental units or a conservative pricing strategy by landlords.
A price-cut share of only 0.2% implies that very few properties are being discounted, which is often a sign of a seller's market. However, the lack of available data on days on market (DOM) makes it challenging to draw a definitive conclusion on how quickly homes are selling. The median home value of $127,350 is relatively low, which could be indicative of an affordable housing market, attracting buyers who are looking for entry-level homes.
The 37.8% renter share highlights a significant portion of the population choosing to rent rather than buy. This can exert long-term housing pressure, as a substantial number of residents will continue to seek rental properties, potentially driving up demand and prices over time. It also suggests that there may be challenges for some homeownership aspirants, possibly due to financial constraints or other barriers to purchasing.
In summary, the snapshot of the Lake City, SC market indicates a balance between supply and demand, with slight hints towards a demand-driven environment. The low price-cut share and renter share suggest a steady flow of rental demand, which could be beneficial for landlords and small- portfolio investors seeking consistent returns.
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.