Location: McCormick County, SC | Metro: Abbeville County, SC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $890 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,200 |
| 5 Bedrooms | $1,392 |
| 6 Bedrooms | $1,559 |
| 7 Bedrooms | $1,684 |
| 8 Bedrooms | $1,768 |
U.S. Census Bureau data (2024)
The ZIP code 29628 presents a dynamic rental market influenced by several key factors. The Fair Market Rent (FMR) for the area is set at $900 for fiscal year 2026, indicating a benchmark that landlords can use to gauge their rental pricing. However, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $605. This suggests that while there is a target figure for rents, the current market is operating below that level, possibly due to an oversupply of units or a preference among tenants for lower-cost housing.
The median home value in ZIP 29628 is $108,105, which is relatively low compared to many other areas across the country. This could be a reflection of the overall economic conditions in the region, or it might indicate that the housing stock consists largely of modest homes or apartments. A low median home value can also imply that homeownership is more affordable, but it does not necessarily correlate with the rental market dynamics.
A significant 31.1% of households in this ZIP code are renters, which signals a notable segment of the population that relies on the rental market for housing. This high renter share can exert long-term pressure on the rental market, as it implies a consistent demand for rental properties. If the percentage of renters continues to rise, it could lead to increased competition for rental units, potentially driving up rents over time. Conversely, if there is an ample supply of rental units available, this high renter share might keep rents stable or even slightly depressed.
The lack of data on price-cut share and days on market (DOM) makes it challenging to draw definitive conclusions about whether supply outpaces demand or vice versa. However, the gap between the FMR and the current market rent suggests that there might be some oversupply, as landlords are not able to charge the higher FMR rates. Alternatively, it could reflect a landlord strategy to keep rents low to attract tenants in a competitive market.
In summary, ZIP 29628 offers a rental market where the current average rent is significantly lower than the government-set FMR, pointing towards a possible oversupply or competitive environment. With a substantial portion of the population renting, the market has a built-in demand driver that will likely sustain the rental sector's importance in the area. Landlords and small-portfolio investors should monitor these trends closely to adjust their strategies accordingly.
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.