Location: McCormick County, SC | Metro: Augusta-Richmond County, GA-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 | $730 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,340 | $380,634 | 0.35% | F |
| 4BR | $1,360 | $489,506 | 0.28% | F |
U.S. Census Bureau data (2024)
The ZIP code 29835 presents a dynamic rental market that is currently balanced but leans slightly towards demand outpacing supply. This inference is drawn from the Federal Market Rent (FMR) at $960 for the fiscal year 2024, which is notably higher than the average market rent of $657 reported by the Census American Community Survey (ACS). The difference between these two figures suggests that there is a segment of the market where rents are being set above the average, indicating strong demand from tenants willing to pay premium rates.
A further indication of this trend is the low price-cut share of 0.2%, suggesting that landlords do not frequently have to lower their asking rents to attract tenants. While the Days on Market (DOM) is listed as N/A, the combination of high FMRs and a low price-cut share implies that units are likely moving quickly once they are priced correctly, which is consistent with a market where demand is robust.
The median home value in ZIP 29835 stands at $343,551, reflecting a middle-class residential area. Given the 14.4% renter share, it's clear that a significant portion of the population prefers renting over owning. This figure is relatively low, indicating that homeownership is still the dominant form of housing in this area. However, the low renter share also points to potential long-term housing pressure, as those who are renting may eventually seek to buy homes, thus increasing demand for both rentals and home purchases.
The dynamics of this market suggest that while it is currently stable, there are underlying pressures that could shift the balance towards increased demand, especially if economic conditions improve and more residents decide to become homeowners. Landlords and small-portfolio investors should be attentive to these signs and consider how they might affect their investment strategies in the future.
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.