Location: Spartanburg, 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 | $1,150 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $210,952 | 0.64% | D |
| 3BR | $1,620 | $291,983 | 0.55% | F |
| 4BR | $1,910 | $371,999 | 0.51% | F |
| 5BR | $2,216 | $373,686 | 0.59% | F |
U.S. Census Bureau data (2024)
The ZIP code 29644, located in Fountain Inn, SC, is home to a population of 22,907 residents. With 26.2% of the population renting their homes, this area has a moderate share of renters. The median household income stands at $70,301, which provides insight into the financial capabilities of potential tenants.
The market rent for the area is $1,950, which represents approximately 27.7% of the median household income. This suggests that the typical rent consumes a significant portion of the average resident's earnings, indicating that there could be substantial demand for rental units, particularly those that qualify for Section 8 vouchers.
The Fair Market Rent (FMR) for ZIP 29644 in fiscal year 2024 is set at $1,120. This FMR figure is notably lower than the market rent of $1,950, highlighting a gap between government-subsidized housing support and the actual cost of living in the area. Landlords who aim to attract Section 8 tenants must ensure that their rents fall within or below the FMR threshold to comply with the program guidelines.
In Fountain Inn, landlords can expect a tenant profile that includes individuals and families seeking affordable housing solutions. These tenants will likely rely on Section 8 vouchers to cover a portion of their rent, given the disparity between the FMR and the market rent. As such, it is crucial for landlords to understand the requirements and processes associated with the Section 8 program to effectively manage their properties and meet the needs of their tenants.
To summarize, while ZIP 29644 is not dominated by homeowners, it is also not a region with an overwhelmingly high percentage of renters. However, the income levels suggest a strong need for affordable housing options, making it a viable location for landlords interested in participating in the Section 8 program. The typical rent eats up a considerable amount of local income, underscoring the importance of the voucher system in this market.
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.