Location: Oconee County, 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 |
|---|---|---|---|---|
| 1BR | $1,100 | $190,182 | 0.58% | F |
| 2BR | $1,210 | $162,853 | 0.74% | D |
| 3BR | $1,460 | $271,068 | 0.54% | F |
| 4BR | $1,750 | $367,396 | 0.48% | F |
| 5BR | $2,030 | $476,643 | 0.43% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP code 29678, located in Seneca, SC, and part of the Oconee County metro area, reveals several key insights. The HUD Fair Market Rent (FMR) for ZIP 29678 is set at $1,040 for fiscal year 2024, which is significantly lower than the current market rent of $1,426, as measured by ZORI (Zillow Observed Rent Index).
Voucher tenants will only cashflow at the FMR if they occupy premium units, meaning that standard units priced at the FMR will result in a loss for landlords. To achieve positive cashflow, landlords must either secure higher rents through premium unit offerings or manage costs effectively to align with the lower FMR.
The median home value in ZIP 29678 stands at $253,738. Using this figure, we can calculate the rent-to-price ratio. Given the market rent of $1,426, the annual rent would be approximately $17,112, leading to a rent-to-price ratio of roughly 6.7%. This indicates that rental income represents a modest portion of the home's value, suggesting that appreciation may play a larger role in overall investment returns compared to cashflow.
The market also shows a median Days on Market (DOM) of 39 days, indicating a relatively quick turnover rate for properties. Additionally, the share of homes that have had their prices cut is a mere 0.2%, which suggests a stable housing market with minimal downward pressure on property values. These factors imply that the buy-versus-rent dynamic is skewed towards renting due to the lower FMR, but the low price-cut share and quick DOM suggest that the housing market remains resilient.
In conclusion, the strongest angle for Section 8 investors in ZIP 29678 is likely appreciation. While cashflow is challenging due to the significant gap between FMR and market rents, the stable housing market and potential for property value growth make long-term investment a viable strategy.
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.