Location: Greenville-Mauldin-Easley, SC | Metro: Greenville-Mauldin-Easley, 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 | $1,920 |
| 1 Bedroom | $2,000 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $2,600 |
| 4 Bedrooms | $3,070 |
| 5 Bedrooms | $3,561 |
| 6 Bedrooms | $3,988 |
| 7 Bedrooms | $4,307 |
| 8 Bedrooms | $4,522 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,000 | $374,748 | 0.53% | F |
| 2BR | $2,180 | $485,487 | 0.45% | F |
| 3BR | $2,600 | $620,597 | 0.42% | F |
| 4BR | $3,070 | $1,067,838 | 0.29% | F |
| 5BR | $3,561 | $1,646,579 | 0.22% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 29601, located in Greenville, SC, stands at $76,136. At first glance, this figure suggests that households could potentially cover the market rate rent of $1,800. However, when we consider the financial burden on a typical household, the reality becomes more nuanced.
A household earning the median income would spend approximately 29.7% of their annual income on market rate rent. This percentage is calculated by taking the monthly rent ($1,800) and multiplying it by 12 months, then dividing by the median income ($76,136). The resulting figure represents a significant portion of disposable income dedicated solely to housing, leaving little room for other expenses.
In comparison, the Housing Choice Voucher Program, commonly known as Section 8, offers a more affordable option. The Fair Market Rent (FMR) for ZIP 29601 in fiscal year 2024 is set at $1,490. This means that voucher holders would pay a maximum of 30% of their adjusted income towards rent, with the remainder covered by the voucher. For a household earning the median income, this translates to spending only about 21.2% of their annual income on rent, significantly reducing the financial strain.
The area has a high concentration of renters, accounting for 67.3% of the 13,790 population. This indicates a robust demand for rental properties, but also highlights the potential affordability gap that exists between market rates and what many renters can realistically afford. Landlords must navigate this gap carefully to ensure they attract and retain tenants without sacrificing profitability.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: while cash-paying tenants might offer higher immediate returns, the competitive landscape and the financial realities faced by many renters make voucher acceptance a viable option. By accepting vouchers, landlords can tap into a stable pool of tenants who benefit from government assistance, ensuring consistent occupancy and steady income despite lower per-unit rents. This strategy can be particularly effective in areas with a high percentage of renters, such as ZIP 29601, where competition for affordable housing is fierce.
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.