Location: McCormick County, SC | Metro: Augusta-Richmond County, GA-SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The classification of ZIP code 29838 hinges on its financial metrics relative to the Federal Market Rent (FMR) and other economic indicators. For fiscal year 2024, the FMR for ZIP 29838 is set at $940. This figure serves as a benchmark for rental yields in the area.
With a 4.5% share of renters, the local housing market leans towards homeownership rather than renting. However, this percentage does not directly correlate to stability; it indicates that the majority of residents own their homes. The median income in the area is $97,500, which suggests a relatively stable economic base for potential tenants, assuming they can secure housing through rental means.
The absence of specific market rent and home value data complicates a direct comparison with the FMR. Nonetheless, the available data points toward a scenario where rental yields might be competitive but not exceptionally high due to the limited number of renters. Stability is influenced positively by the median income, which implies that those who do rent are likely to have the financial capability to maintain consistent payments.
Given these factors, ZIP 29838 appears to be neither a high-yield nor a low-stability market suitable for quick flips. Instead, it represents a middle-ground opportunity where landlords can expect steady cash flow without the volatility often associated with areas with higher renter populations. The economic stability provided by the median income supports long-term investment strategies over speculative short-term gains.
To summarize, the ZIP code is best characterized as a steady-cashflow zone. This assessment is driven by the FMR of $940, the 4.5% share of renters indicating a preference for homeownership, and the median income of $97,500 supporting the ability of renters to sustain regular payments. These conditions favor investments aimed at generating reliable returns over time rather than rapid turnovers.
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.