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 | $1,050 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,210 | $190,828 | 0.63% | D |
| 3BR | $1,460 | $296,268 | 0.49% | F |
| 4BR | $1,750 | $398,397 | 0.44% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP 29671 (Pickens, SC) provides insight into potential investment returns based on two different rental scenarios: the Fair Market Rent (FMR) and the market rent. Using the annualized 2BR FMR of $960 (for FY 2024), the gross yield can be calculated as follows: $960 multiplied by 12 months equals an annual rental income of $11,520. Dividing this figure by the median home value of $274,168 yields a gross yield of approximately 4.2%. This calculation assumes the property is rented at the FMR rate.
In contrast, using the market rent of $961 (as per Census ACS data), the annual rental income would be $11,532. Applying the same median home value, this results in a gross yield of roughly 4.21%. The difference between these two gross yields is minimal, reflecting that the FMR rate is very close to the market rent in this area.
To determine which scenario is more realistic, consider the local renter density and days on market (DOM). With a renter density of 17.3%, it's evident that a significant portion of the population is homeowners rather than renters, which could impact the demand for rental properties. However, the N/A DOM suggests there might be limited data on how quickly rental units are typically filled, making it difficult to assess the vacancy risk directly.
Given the proximity of the FMR to the market rent, it's reasonable to conclude that the 4.2% gross yield derived from the FMR is a reliable benchmark for potential investment returns in ZIP 29671. While the market rent slightly edges out the FMR, the overall yield remains essentially unchanged. Landlords and small-portfolio investors should use these figures as a starting point for their own detailed calculations, taking into account factors such as operating expenses and vacancy rates.
The slight edge in gross yield from the market rent scenario does not significantly alter the investment picture. For most investors, the 4.2% gross yield based on the FMR represents a realistic expectation, considering the relatively low renter density and the lack of specific DOM data.
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.