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 | $1,160 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,310 | $238,618 | 0.55% | F |
| 3BR | $1,570 | $361,432 | 0.43% | F |
| 4BR | $1,850 | $561,648 | 0.33% | F |
| 5BR | $2,146 | $721,014 | 0.3% | F |
U.S. Census Bureau data (2024)
ZIP code 29690 is located in the city of Travelers Rest, South Carolina, and represents a typical suburban neighborhood. With a total population of 26,358, it has a relatively modest rental segment, where only 18.7% of residents are renters. The median household income stands at $69,956, indicating a middle-class community. Median home values in the area are quite high at $353,032, suggesting that homeownership is a significant part of the local economy.
The economic landscape for rentals in ZIP 29690 is defined by two key figures: the Fair Market Rent (FMR) and the Zillow Observed Rent Index (ZORI). For fiscal year 2024, the FMR for a one-bedroom apartment in this ZIP code is set at $1,020. This figure is used to determine the payment standards for Section 8 housing vouchers. In contrast, the ZORI, which reflects actual market rents, is significantly higher at $1,765 for a similar unit. This discrepancy highlights the potential financial challenges for Section 8 participants in finding affordable housing within the market rates.
Given these dynamics, ZIP 29690 is better suited for a hands-on value-add buyer rather than a hands-off voucher operator. The difference between the FMR and market rent suggests that landlords will need to actively manage their properties to attract and retain Section 8 tenants. They must ensure that the units meet the necessary quality standards while also being mindful of the limited voucher amounts available. For those willing to invest effort into property management and renovation, there is an opportunity to create value and maintain profitability in this 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.