Location: Chesterfield County, SC | Metro: Chesterfield County, SC
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 | $640 |
| 1 Bedroom | $680 |
| 2 Bedrooms | $890 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,220 |
| 5 Bedrooms | $1,415 |
| 6 Bedrooms | $1,585 |
| 7 Bedrooms | $1,712 |
| 8 Bedrooms | $1,798 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,150 | $266,222 | 0.43% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 29728 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment is set at $1030 for fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, ensuring it reflects the local rental market conditions accurately. In contrast, the local market rent for a similar two-bedroom unit averages $716 according to the latest Census ACS data.
A landlord participating in the Section 8 program receives a voucher payment from the government on behalf of eligible tenants. The voucher amount is calculated based on the SAFMR, but it's not the full $1030 that will be paid directly to you. Instead, the tenant is required to contribute a portion of their income towards the rent, typically 30% of their adjusted monthly income. For simplicity, let's assume an average tenant contribution of $300, which is a reasonable estimate given typical incomes for those who qualify for Section 8 assistance.
In addition to the base rent, there are utility allowances that can vary. For ZIP 29728, we'll use a conservative estimate of $100 per month for utilities. Therefore, the total reimbursement you would receive from the Section 8 voucher program would be around $400 (tenant contribution) plus $100 (utility allowance), totaling $500 per month.
This means that if the SAFMR is $1030, and the total reimbursement you receive is $500, you will have a reimbursement gap of $530 per month. Conversely, if the local market rent is only $716, you would actually see a surplus of $314 when compared to the SAFMR, assuming the same reimbursement scenario. However, the actual market rent suggests that landlords might still be able to cover their costs and even earn a profit above the typical local market rates.
To summarize, landlords in ZIP 29728 should expect a reimbursement of approximately $500 per month for a two-bedroom unit under the Section 8 program, leading to a potential gap or surplus depending on the actual rent charged. Given the local market conditions, the SAFMR provides a cushion that can help offset the lower tenant contribution and utility allowances, potentially leaving a surplus over the typical market rent.
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.