Section 8 Fair Market Rent (FMR) for ZIP 29584 - 2027

Location: Chesterfield County, SC | Metro: Chesterfield County, SC

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$750
1 Bedroom	$780
2 Bedrooms	$990
3 Bedrooms	$1,240
4 Bedrooms	$1,370
5 Bedrooms	$1,589
6 Bedrooms	$1,780
7 Bedrooms	$1,922
8 Bedrooms	$2,018

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,979

Median Household Income

$45,625

Housing Units

1,341

Renter Percentage

13.8%

Occupancy Rate

84.9%

Renter Occupied

157

The ZIP code 29584, located in the heart of South Carolina, offers a unique blend of rural charm and metropolitan accessibility, making it an intriguing market for real estate investors. The area is characterized by a mix of residential properties, including both rental units and owner-occupied homes, catering to a diverse demographic.

Fair Market Rent (FMR): The Fair Market Rent for the metro area in fiscal year 2026 is set at $1,010, providing a benchmark for rental pricing that landlords should aim to meet or slightly exceed.
Market Rent: According to the latest Census ACS data, the average market rent in ZIP 29584 stands at $643, indicating a significant gap between actual rents and the FMR, which presents an opportunity for price adjustment.
Median Home Value: The median home value in the area is $138,865, reflecting the affordability of homeownership and potentially influencing the demand for rental properties.
Renter Share: With 13.8% of the population being renters, there is a notable but not overwhelming share of the market dedicated to rentals, suggesting a balanced mix of ownership and leasing.
Days on Market (DOM): The data does not provide a specific figure for days on market for rental listings, which could imply either a fast-moving market or a lack of comprehensive data.
Median Income: The median income in ZIP 29584 is $45,625, a figure that landlords should consider when setting rent prices to ensure they align with the financial capabilities of potential tenants.

Investors in ZIP 29584 can leverage the gap between the Fair Market Rent and the current market rent to increase their revenue. However, the relatively low median home value and median income suggest that raising rents too high might deter potential tenants. Therefore, a strategic approach to pricing and property management, while keeping an eye on the local economic indicators, will be key to success in this market. The moderate renter share also implies that there's room for growth in the rental sector, but competition might be less intense compared to more urban areas.

Data Sources: FMR data from HUD (2027). 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.