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 | $251,080 | 0.48% | F |
| 3BR | $1,460 | $744,394 | 0.2% | F |
| 4BR | $1,750 | $2,050,575 | 0.09% | F |
| 5BR | $2,030 | $3,150,834 | 0.06% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 29685, Sunset, SC, in Pickens County, revolve around the SAFMR (Small Area Fair Market Rent) which is specifically set for this ZIP code. For a two-bedroom apartment, the SAFMR for FY 2024 is $1030. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent for a unit deemed suitable under the program's standards.
To understand the actual payment received by landlords, it's important to break down the components of a voucher payment. The voucher pays the difference between the SAFMR and the tenant's portion of the rent. The tenant's portion is generally 30% of their adjusted income. For instance, if a tenant's adjusted monthly income is $1500, they would be expected to pay $450 toward the rent. The remaining balance, up to the SAFMR of $1030, would be covered by the voucher.
In addition to the base rent, there are utility allowances that vary based on the number of bedrooms and the specific needs of the household. These allowances are meant to cover the cost of utilities such as electricity, gas, water, and sewer. However, since the local market rent is currently unavailable, we can only rely on the SAFMR to guide our calculations.
The typical reimbursement scenario involves the landlord receiving the voucher payment plus the tenant's contribution. If the tenant pays $450 and the voucher covers the rest up to $1030, the landlord receives $1030 in total. This means the landlord does not receive any more than the SAFMR even if the tenant's portion increases due to higher income.
The reimbursement gap or surplus arises when comparing the SAFMR to the actual market rents. In ZIP 29685, without specific local market rent data, we cannot calculate an exact gap or surplus. However, if the market rent exceeds $1030, landlords would face a gap where they must subsidize the difference themselves. Conversely, if market rents are lower than $1030, landlords could potentially benefit from a surplus, receiving more than the typical market rate for renting out their property.
Landlords should be aware that the SAFMR sets a strict ceiling on the rent subsidy, meaning that any rent above $1030 for a two-bedroom unit would not be covered by the voucher program. Therefore, it is crucial to align your rental pricing with the SAFMR to avoid financial losses.
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.