Section 8 Fair Market Rent (FMR) for ZIP 29715 - 2027

Investment Score for ZIP 29715

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,660
1 Bedroom	$1,730
2 Bedrooms	$1,880
3 Bedrooms	$2,300
4 Bedrooms	$2,920
5 Bedrooms	$3,387
6 Bedrooms	$3,793
7 Bedrooms	$4,096
8 Bedrooms	$4,301

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,880	$278,161	0.68%	D
3BR	$2,300	$384,041	0.6%	F
4BR	$2,920	$597,035	0.49%	F
5BR	$3,387	$738,447	0.46%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 29715 (Fort Mill, NC) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 29715 is set by HUD for the year 2026. For a two-bedroom unit, the FMR is $1790, which represents 19.6% of the median household income in Fort Mill. This is a relatively low percentage compared to the national average, indicating that housing costs are affordable relative to income levels. However, the actual rental market in Fort Mill is significantly higher than the FMR. The Zillow median price for a two-bedroom home is $284,062, which translates to a monthly mortgage payment of approximately $1,390 based on a 4.5% interest rate and a 30-year fixed mortgage. When considering property taxes, insurance, and maintenance, the total cost can easily exceed the FMR. Given these dynamics, voucher holders face significant constraints. They must find landlords willing to accept Section 8 vouchers, which often means dealing with units that are below market value. Additionally, the limited budget of $1790 per month for a two-bedroom unit may not cover the actual rent in many cases, leading to potential difficulties in securing housing. #### Affordability & Renter Profile Fort Mill has a median household income of $109,689, which is quite high. Only 20.9% of the population are renters, suggesting that homeownership is prevalent. With a high occupancy rate of 97.4%, the rental market appears to be tight, indicating strong demand for rental properties. The high median income suggests that most residents can afford market-rate rents, but the 20.9% who are renters might struggle to find affordable options. Given the high price-to-FMR ratio of 13.2x, it’s clear that the rental market is far above the FMR, making it challenging for lower-income individuals to find suitable housing without financial assistance. #### Investor Angle From an investor perspective, the ZIP code 29715 presents both opportunities and challenges. The FMRs are set well below the actual market rents, which could make it difficult to achieve positive cash flow if relying solely on FMR rates. For instance, a two-bedroom unit with an FMR of $1790 would likely need to command a much higher rent to cover expenses such as mortgage payments, property taxes, insurance, and maintenance. However, there is a significant opportunity for investors who can attract tenants with Section 8 vouchers. While the FMRs are lower, the high median income and strong demand for rentals suggest that there is a robust market for higher-end units. Investors should consider targeting the upper end of the rental market where they can charge closer to actual market rates while still offering units that meet the needs of voucher holders. #### Specific Actionable Insights 1. **Target Higher-End Units**: Given the high median income and tight rental market, focus on developing or acquiring higher-end rental units. A two-bedroom unit priced at $1790 may not be profitable, but charging closer to the market rate of around $2,200-$2,800 can provide better returns. This approach leverages the strong demand for rentals while ensuring profitability. 2. **Develop Relationships with Local Housing Authorities**: To ensure a steady stream of Section 8 voucher holders, develop relationships with local housing authorities. This can help secure long-term tenancy and reduce vacancy rates. Additionally, understanding the local regulations and processes can streamline the leasing process and minimize administrative overhead. 3. **Consider Mixed-Income Developments**: Given the high median income and the presence of lower-income voucher holders, mixed-income developments can be a viable strategy. By including a mix of market-rate and subsidized units, investors can cater to a broader range of tenants while maintaining overall profitability. #### Bottom Line For Section 8-focused investors, the ZIP code 29715 (Fort Mill, NC) is a **Hold** recommendation. While the area offers strong demand and high median incomes, the tight rental market and high price-to-FMR ratio make it challenging to achieve positive cash flow solely through FMR rates. Investors should consider strategies that leverage higher-end units and mixed-income developments to balance affordability with profitability. Developing relationships with local housing authorities can also enhance the feasibility of Section 8 investments in this market.

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.