Location: Oconee County, SC | Metro: Anderson, 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 | $920 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,370 | $446,794 | 0.31% | F |
| 4BR | $1,670 | $653,761 | 0.26% | F |
U.S. Census Bureau data (2024)
The ZIP code 29689 presents a unique challenge for renters and landlords alike. With a median income of $72,951, the average household struggles to meet the market rate for rent, which stands at $854 per month according to the Census ACS data. This leaves many potential tenants with a significant financial burden, as their monthly income does not comfortably cover the cost of housing.
Comparatively, the Fair Market Rent (FMR) set by the government for this ZIP code in fiscal year 2024 is slightly higher at $940. This means that even with the assistance of a Section 8 voucher, the rent remains above the market rate, putting additional pressure on tenants to find affordable housing options. The difference between the market rate and the FMR highlights the affordability gap in the area, making it difficult for both tenants and landlords to navigate the rental landscape.
With only 10.7% of the 4,057 population being renters, the competition among landlords is relatively low. However, this also suggests that there is a limited pool of potential tenants, which could impact occupancy rates and rental income. For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the decision should be made based on the specific needs of their property and the local market conditions.
The takeaway for landlords is clear: while the voucher program offers a guaranteed rent through government subsidies, the actual payment rate of $940 is close to the market rate and may not significantly increase rental income. Accepting vouchers could provide a steady stream of tenants, but landlords must weigh this against the administrative requirements and potential delays in the voucher process. In contrast, focusing on cash-paying tenants might offer a smoother rental experience, but landlords must be prepared to face a smaller pool of qualified applicants and possibly lower rents to remain competitive in the local market.
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.