Section 8 Fair Market Rent (FMR) for ZIP 29648 - 2027

FY 2027 Fair Market Rent Rates

The economics of Section 8 housing in ZIP code 29648, located in Greenwood County, South Carolina, are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $930 per month for fiscal year 2026. This figure represents the maximum amount that the federal government will reimburse landlords for renting units to tenants who qualify under the Section 8 Housing Choice Voucher program.

To understand how this works, consider that the tenant is responsible for paying a portion of the rent, typically 30% of their adjusted income. If the tenant's income is below a certain threshold, the government will cover the difference between the tenant's contribution and the SAFMR of $930. Additionally, there are utility allowances which vary but generally add a few hundred dollars to the total reimbursement amount.

Let's break down an example. Assume a tenant's monthly adjusted income is $800. Thirty percent of this income would be $240, which is the amount they would pay towards rent. The remaining $690 ($930 - $240) would be covered by the government. Utility allowances can range widely depending on the region and season, but for simplicity, let's say it's $150 per month. Therefore, the total reimbursement to the landlord would be $840 ($690 + $150).

This scenario leaves a shortfall of $90 for the landlord, who must decide if accepting a Section 8 tenant is financially viable. The shortfall occurs because the SAFMR does not fully match the local market rent, which is currently not available for ZIP 29648. However, based on the SAFMR alone, landlords should expect a reimbursement of around $840 for a two-bedroom unit, leading to a $90 gap between the SAFMR and the market rent of $930.

In conclusion, while the SAFMR for ZIP 29648 is set at $930, landlords should anticipate receiving approximately $840 when accounting for the tenant's payment and utility allowances. This results in a $90 reimbursement gap compared to the market rent. Landlords need to weigh this gap against the stability of rental income provided by the Section 8 program, considering factors such as lower vacancy rates and reduced turnover costs.

Data Sources: FMR data from HUD (2027).

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.