Location: Oconee County, SC | Metro: Oconee County, SC
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 | $840 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $296,562 | 0.36% | F |
| 3BR | $1,310 | $525,865 | 0.25% | F |
| 4BR | $1,520 | $1,138,107 | 0.13% | F |
| 5BR | $1,763 | $1,877,831 | 0.09% | F |
U.S. Census Bureau data (2024)
The ZIP code 29676, located in Salem, SC, presents a dynamic rental market with distinct characteristics that influence housing pressures and investment opportunities. The Fair Market Rent (FMR) set at $1,130 reflects the federal benchmark for the area, which is notably higher than the market rent observed at $940 according to the latest Census American Community Survey (ACS) data. This discrepancy suggests a potential upward trajectory for rental prices, as the market may gradually align with the federally determined FMR.
The low price-cut share of 0.2% indicates that landlords are not frequently lowering their rents to attract tenants, suggesting a relatively stable or growing demand for rental properties. While the days on market (DOM) data is currently unavailable, the median home value of $545,103 provides insight into the overall economic conditions of the area, indicating a moderate level of wealth among homeowners.
A renter share of 5.4% points to a smaller proportion of the population renting compared to owning homes. However, this figure also implies a persistent need for rental housing, as it represents a significant number of residents who are likely to remain renters due to various factors including financial constraints or lifestyle preferences. Over the long term, this could translate into sustained demand for rental properties, particularly as the population grows and changes.
The interplay between these factors—FMR, market rent, price-cut share, and renter share—positions 29676 as a market where demand appears to be closely matching or slightly exceeding supply. This equilibrium, with a slight lean towards demand, can be advantageous for landlords and small-portfolio investors looking to capitalize on rental income without facing intense competition from other rental properties.
In summary, the snapshot of the market in ZIP 29676 reveals a balanced yet evolving landscape. With rental prices expected to inch closer to the FMR, and a consistent share of renters in the community, the market demonstrates a steady flow of housing pressure that favors those willing to invest in rental properties. The data suggests an environment where investments can be made with confidence, given the underlying dynamics favoring demand stability and growth.
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.