Location: Spartanburg, SC | Metro: Greenville-Mauldin-Easley, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
The market in ZIP code 29645 is dynamic, with a snapshot revealing several key indicators that frame its current state. The Fair Market Rent (FMR) stands at $1030 for the fiscal year 2024, while the market rent, as per the Census ACS, is noted at $966. This suggests a slight premium landlords can charge over the average market rate, indicating a balance between supply and demand.
The low price-cut share of 0.3% indicates that properties are generally selling at or near their listed prices, suggesting a robust demand for homeownership in the area. With a median home value of $211,085, this ZIP code offers affordable housing options that attract both buyers and renters.
A significant 20.3% of the population in ZIP 29645 are renters, which implies a notable long-term housing pressure. High renter shares often point towards areas where owning a home is challenging due to affordability or other factors, leading to sustained rental demand. Landlords can leverage this by maintaining well-managed rental properties to cater to this segment.
The lack of specific data on days on the market (DOM) could indicate either a stable market or a need for more detailed analysis to understand the speed at which homes are being sold. However, given the low price-cut share, it's reasonable to infer that homes are likely selling without extended periods on the market, suggesting strong buyer interest.
In conclusion, ZIP 29645 presents a balanced market where demand for both homeownership and rentals is evident. The slightly higher FMR compared to the market rent and the low price-cut share suggest that demand may be slightly outpacing supply, particularly in the rental sector. For landlords and small-portfolio investors, this ZIP code offers opportunities to capitalize on both trends.
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.