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 | $1,230 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,280 | $176,863 | 0.72% | D |
| 2BR | $1,390 | $229,756 | 0.6% | D |
| 3BR | $1,660 | $368,301 | 0.45% | F |
| 4BR | $1,960 | $606,316 | 0.32% | F |
| 5BR | $2,274 | $986,303 | 0.23% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 29609 in Greenville, SC, for fiscal year 2024 is set at $1,110. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a federal housing assistance initiative designed to help low-income families afford decent housing. It's important to note that this is not the actual rent you would receive; it's the payment standard used by the Housing Authority to determine the subsidy amount.
In comparison, the local market rent for a similar property in the same area is approximately $1,578, according to the Zillow Observed Rental Index (ZORI). This means that if you're not participating in the Section 8 program, you could potentially charge a higher rent based on the current market conditions.
The demand for rentals in ZIP 29609 is substantial, with 37.8% of residents being renters. This indicates a significant portion of the population looking for housing, which could translate into a steady stream of potential tenants for your Section 8 property. However, the lower rent ceiling under Section 8 means that you must ensure the property meets the necessary qualifications to attract these tenants.
If you're considering purchasing a property for a Section 8 rental in this ZIP code, the median home value is around $350,210. This price point should be considered alongside the FMR and market rent when evaluating the financial feasibility of your investment. While the initial purchase might seem high, the long-term stability of Section 8 payments can provide consistent income.
Before proceeding with your first Section 8 rental, verify that your property complies with the Housing Quality Standards (HQS). These standards ensure that the property is safe and habitable, covering areas such as structural integrity, heating, plumbing, and electrical systems. Compliance with HQS is mandatory for participation in the Section 8 program, and failure to meet these standards can result in reduced payments or termination of the contract.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.