Location: Chester County, SC | Metro: Chester County, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 29729 in fiscal year 2024 is set at $1110. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay to landlords participating in the Section 8 program for a given unit. It is important to note that this is not the rent you can charge your tenant; it is the payment standard HUD uses to determine the subsidy amount.
To put this into context, the average rent in ZIP 29729, according to the latest Census American Community Survey (ACS), is around $1,000. This indicates that the FMR slightly exceeds the market rate, which could be beneficial for landlords who want to ensure they receive a competitive rental income.
The FMR also gives insight into the potential demand for Section 8 rentals in the area. With a renter share of 6.3%, there is a modest but steady demand for affordable housing. This means that about 6.3% of the population in ZIP 29729 is likely to be interested in Section 8 properties, providing a reasonable pool of tenants.
When acquiring a property for Section 8, the median home value is approximately $279,319. This figure can help you estimate the initial investment required to purchase a rental property in this ZIP code. Given the FMR and the local rent trends, this investment can be justified if you plan to participate in the Section 8 program.
A key factor to consider before entering the Section 8 market is the condition of the property. HUD requires that all units meet certain quality standards known as Housing Quality Standards (HQS). Ensure that your property meets these standards before applying to the program. This includes checking for any necessary repairs or improvements that might affect your ability to secure a tenant under the Section 8 program.
In summary, the FMR of $1110 provides a benchmark for the subsidy you can expect from HUD. With an average local rent of $1,000, you have a slight advantage in terms of income. The 6.3% renter share suggests a stable but not overwhelming demand for Section 8 rentals. And the median home value of $279,319 gives you a starting point for estimating your investment. Before finalizing your decision, verify that your property meets HQS to avoid any delays or complications in securing a tenant.
Data Sources: FMR data from HUD (2027). 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.