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 | $1,070 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,230 | $217,022 | 0.57% | F |
| 3BR | $1,500 | $430,191 | 0.35% | F |
| 4BR | $1,770 | $517,698 | 0.34% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 29635, which includes Cleveland, SC, stands at $71,844. This figure is crucial when considering the affordability of housing for local residents. However, the market rate for rent in this area is currently unavailable, indicating a potential lack of comprehensive data or a niche rental market.
Despite the absence of precise market rate data, we can compare the median income to the Fair Market Rent (FMR) set by the U.S. Department of Housing and Urban Development for the fiscal year 2024. The FMR for ZIP 29635 is $1,170, which represents the amount that Section 8 vouchers will cover for a household. Given the median income, a household could theoretically afford a higher rent than the voucher amount, but without knowing the exact market rate, it's challenging to quantify the affordability gap.
The ZIP code has a relatively low percentage of renters at 8.3%, suggesting a predominantly owner-occupied community. With a total population of 1,366, this translates to approximately 114 households renting. Such a low rental rate indicates limited competition among landlords, especially for those willing to accept Section 8 vouchers. However, the small number of renters also means a smaller pool of potential tenants.
The takeaway for landlords is that accepting Section 8 vouchers can be a strategic choice, particularly if they aim to secure a steady stream of income with minimal risk of vacancy. While the $1,170 voucher payment might be lower than the market rate, it ensures reliable and government-backed payments. Landlords should weigh the benefits of guaranteed income against the potential for higher rents from non-voucher tenants, keeping in mind the limited size of the rental market in Cleveland, SC.
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.