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 | $1,120 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,270 | $174,511 | 0.73% | D |
| 3BR | $1,520 | $280,544 | 0.54% | F |
| 4BR | $1,790 | $368,158 | 0.49% | F |
| 5BR | $2,076 | $359,642 | 0.58% | F |
U.S. Census Bureau data (2024)
A skeptical investor considering Section 8 properties in ZIP 29640, Easley, SC, might raise several concerns regarding financial feasibility, tenant demand, and voucher sufficiency.
Objection 1: Will FMR $1070 (zip FY 2024) cover the mortgage on a $273,592 home?
The Fair Market Rent (FMR) for ZIP 29640 is set at $1070 for FY 2024. To determine if this will cover the mortgage on a $273,592 home, we must consider the interest rate and loan terms. Assuming a typical 30-year fixed-rate mortgage at an average rate of 5%, the monthly payment would be approximately $1485. At first glance, the $1070 FMR does not fully cover the mortgage payment. However, it's important to note that property taxes and insurance, which are also part of the mortgage payment, can vary significantly. In Easley, SC, these costs might reduce the gap between the FMR and the mortgage payment.
Objection 2: Is there enough renter demand at 24.6%?
The rental vacancy rate in ZIP 29640 is 24.6%. This figure suggests that there is a substantial supply of rental units relative to demand. However, the high vacancy rate could indicate that there are opportunities to attract tenants by offering competitive rents or amenities. It's worth noting that while the overall vacancy rate is high, the demand for affordable housing remains strong, particularly among low-income families who rely on Section 8 vouchers. The presence of a significant number of renters indicates a market that could support Section 8 properties, though landlords should be prepared to compete with other rental offerings.
Objection 3: Will vouchers keep pace with $1,566 market rents?
The market rent in ZIP 29640 is $1,566, which exceeds the FMR of $1070. This raises the question of whether Section 8 vouchers will keep up with the actual cost of renting. The FMR is designed to reflect the average rent for a modest apartment in a given area, but it does not always align with the market rent. Landlords should be aware that they may need to negotiate with local housing authorities to ensure that voucher amounts remain competitive with market rates. While the data does not provide a direct answer to how well vouchers will keep pace with market rents, it is clear that there is a discrepancy that needs to be addressed through ongoing dialogue with housing agencies.
In summary, investing in Section 8 properties in ZIP 29640 presents challenges related to covering mortgage payments and competing with a high vacancy rate. However, the potential to serve a critical need for affordable housing can outweigh these concerns. Landlords must be proactive in managing their finances and engaging with housing authorities to ensure long-term viability.
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.