Location: Chester County, SC | Metro: Charlotte-Concord-Gastonia, NC-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 | $1,180 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,770 | $380,880 | 0.46% | F |
| 4BR | $2,140 | $484,155 | 0.44% | F |
U.S. Census Bureau data (2024)
The dynamics of ZIP code 29704 reveal a market in flux, with significant insights drawn from the current snapshot of real estate conditions. The Fair Market Rent (FMR) for the area stands at $1110 for fiscal year 2024, indicating a clear benchmark for rental properties. Despite the lack of specific data on market rent, the disparity between the FMR and the absence of competitive pricing suggests that the rental market might be less active, possibly due to a lower supply of rental units compared to demand.
The median home value in ZIP 29704 is $326,068, a figure that reflects the overall cost of homeownership in the area. Although the percentage of price-cut share and days on market (DOM) are currently unavailable, these missing metrics hint at a stable market where property values have not been subject to frequent adjustments, suggesting a balance between buyers and sellers.
A noteworthy statistic is the 13.3% renter share, which underscores a relatively low proportion of renters in the community. This indicates that the majority of residents prefer homeownership over renting, which can imply several things about the long-term housing pressure. Firstly, it suggests that there could be a strong desire among potential renters to become homeowners, potentially leading to increased competition for homes and upward pressure on home values. Secondly, the low renter share might also point to a tight rental market, where available units are quickly occupied, leaving little room for new entrants. This tightness could result in higher rents when new units do come onto the market, as seen with the FMR.
In summary, ZIP 29704 presents a market where homeownership is favored over renting, with a modest rental segment that may experience higher demand relative to supply. The current median home value and FMR provide a solid foundation for understanding the local real estate landscape, though more granular data on price-cut share and DOM would offer deeper insight into the immediate market trends. Landlords and small-portfolio investors should consider these factors when evaluating opportunities in this area.
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.