Location: Marion County, SC | Metro: Dillon County, SC
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 | $690 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $890 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $890 | $98,120 | 0.91% | C |
| 3BR | $1,150 | $152,565 | 0.75% | D |
| 4BR | $1,370 | $236,932 | 0.58% | F |
U.S. Census Bureau data (2024)
The ZIP code 29574, located in Mullins, South Carolina, presents an interesting scenario when analyzed from the perspective of renters. The median household income here stands at $34,112, which is significantly lower than the median market rate for rent, set at $603 according to the Census ACS. This creates a substantial affordability gap for residents, especially those relying solely on their income to cover housing costs.
To put this into perspective, the federal government's Fair Market Rent (FMR) for the area, which is used to determine the amount of housing assistance provided through vouchers, is set at $900 for the fiscal year 2026. This means that while the market rate is already challenging for local households, the voucher payment standard is even higher, potentially making it difficult for tenants to find affordable housing without assistance.
In ZIP 29574, 36.0% of the 9,413 population are renters. Given the median income and the market rate, many of these renters struggle to pay rent out-of-pocket. The difference between the market rate ($603) and the median income suggests that most households would need to allocate over 20% of their income to rent, which is considered financially burdensome. Meanwhile, the FMR of $900 further stretches the budget for those who do not receive the full voucher amount, indicating a high dependency on rental subsidies.
The affordability gap has significant implications for landlord competition. Landlords who accept vouchers are likely to have a steady stream of tenants due to the financial support vouchers provide. However, they must also be prepared to navigate the administrative requirements associated with accepting vouchers. On the other hand, landlords who focus on cash-paying tenants face a smaller pool of potential renters who can afford the market rates without assistance.
Takeaway: For landlords and small-portfolio investors in ZIP 29574, embracing a strategy that includes accepting vouchers can ensure a stable tenant base. While it might require additional paperwork, the financial support vouchers offer can make the difference between a vacant unit and a consistently occupied one. Alternatively, lowering rents to align closer with the median income could attract cash-paying tenants but would reduce profit margins. Balancing these options will be key to success in this market.
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.