Section 8 Fair Market Rent (FMR) for ZIP 29651 - 2027

Investment Score for ZIP 29651

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,130
1 Bedroom	$1,170
2 Bedrooms	$1,280
3 Bedrooms	$1,540
4 Bedrooms	$1,810
5 Bedrooms	$2,100
6 Bedrooms	$2,352
7 Bedrooms	$2,540
8 Bedrooms	$2,667

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,170	$181,222	0.65%	D
2BR	$1,280	$198,988	0.64%	D
3BR	$1,540	$312,249	0.49%	F
4BR	$1,810	$454,677	0.4%	F
5BR	$2,100	$588,684	0.36%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 29651 (Greer, SC) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 29651 in 2026 indicate that the cost of renting a 2-bedroom unit is $1190, which represents 17.3% of the median household income of $82,705. This suggests that the rent for a 2BR unit is relatively affordable compared to the income levels in the area. However, it's important to understand how these FMRs compare to actual rents on the market. According to Zillow, the median price for a 2BR home in this ZIP code is $193,312, which translates to a monthly mortgage payment of approximately $805 based on a 4.5% interest rate over 30 years. Given the price-to-FMR ratio of 13.5x, it is clear that the actual rental costs in Greer, SC, are significantly higher than the FMR. For instance, if we assume a typical rental yield of 7%, the monthly rent for a 2BR property priced at $193,312 would be around $1353. This is still above the FMR of $1190, indicating that voucher holders face significant constraints in finding affordable housing. They may struggle to find units that fall within their budget, especially since the actual rents are much higher than the FMR. #### Affordability & Renter Profile ZIP code 29651 has a population of 56,599, with 19.2% of residents being renters. The occupancy rate stands at 94.0%, suggesting a relatively tight market where most available units are occupied. Given the high occupancy rate and the fact that the median household income is $82,705, it is likely that many renters are middle-class individuals who can afford higher rents but may still benefit from rental assistance programs like Section 8. The high price-to-FMR ratio of 13.5x indicates that the market is quite expensive relative to the FMR. This means that even though there is a significant portion of the population that could potentially qualify for Section 8 vouchers, they might find it challenging to secure housing within the voucher limits. The median household income is relatively high, which implies that the majority of residents can afford higher rents, but the 19.2% of renters might include those who are struggling financially and rely on rental assistance. #### Investor Angle From an investor perspective, the ZIP code 29651 presents a mixed picture when considering the FMR. The FMR for a 2BR unit is $1190, while the actual rental rates are much higher. If an investor were to purchase a 2BR property at the median price of $193,312 and aim for a typical rental yield of 7%, the expected monthly rent would be approximately $1353. This is well above the FMR, making it difficult for Section 8 voucher holders to afford such properties. However, the high occupancy rate and the relatively high median household income suggest that there is strong demand for rental properties in this area. Investors might still find success by targeting properties slightly below the median price or by offering units that are more affordable. Additionally, the high price-to-FMR ratio indicates that there is potential for rental income to exceed the FMR, leading to positive cash flow for investors who can attract tenants willing to pay market rates. #### Specific Actionable Insights 1. **Target Affordable Units**: Investors should focus on acquiring properties that are closer to the FMR. For example, a 2BR unit priced at $145,000 would generate a monthly rent of about $983, which is within the FMR limit. This strategy would make it easier for Section 8 voucher holders to afford the units, increasing the likelihood of tenancy. 2. **Consider Multi-Family Properties**: Given the high occupancy rate and the limited availability of affordable single-family homes, multi-family properties might offer better opportunities. A two-story duplex with two 2BR units could be purchased for around $280,000, generating a combined monthly rent of $1966. Even if one unit is rented to a Section 8 voucher holder at $1190, the other unit could be rented at market rates, providing a balanced approach to cash flow and affordability. 3. **Engage with Local Housing Authorities**: To ensure a steady stream of Section 8 voucher holders, investors should establish relationships with local housing authorities. This can help in securing tenants who are eligible for the program and can provide consistent rental income. Additionally, understanding the local regulations and requirements for accepting Section 8 vouchers will be crucial for successful operations. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 29651 is to **Skip**. The high price-to-FMR ratio and the limited number of units that fall within the FMR range make it challenging to find properties that can be rented out solely to voucher holders. While there is a strong rental market overall, the high costs of purchasing and maintaining properties in this area may not align well with the financial constraints of Section 8 tenants. Investors looking to enter this market should consider alternative strategies, such as targeting lower-cost areas or focusing on properties that can generate income from both Section 8 and market-rate tenants.

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.