Location: McCormick County, SC | Metro: McCormick County, SC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,330 |
| 5 Bedrooms | $1,543 |
| 6 Bedrooms | $1,728 |
| 7 Bedrooms | $1,866 |
| 8 Bedrooms | $1,959 |
U.S. Census Bureau data (2024)
0.0% of the population in ZIP 29840 are renters, indicating a predominantly owner-occupied area. This statistic is crucial for landlords and small-portfolio investors looking to assess the local rental market's potential. $43,504 is the median income in this ZIP code, which is important when considering the financial capacity of potential tenants. However, the lack of available data on market rent, median home value, days on market (DOM), and price-cut share suggests that there might be limited activity or transparency in the local real estate market.
$950 is the Fair Market Rent (FMR) for the metro area as of fiscal year 2026, which represents the upper limit for Section 8 rental assistance in ZIP 29840. Given the low renter share, it's clear that landlords in this area must carefully evaluate their investment strategies, focusing on properties that can attract owner-occupiers or those few who seek rentals. The absence of specific market rent data makes it difficult to gauge the competitiveness of rental prices against the FMR, but it does suggest that landlords could potentially command higher rents if they can justify the value proposition to tenants.
The median income figure of $43,504 provides insight into the earning power of residents, which can influence the demand for rental units, particularly those eligible for Section 8 subsidies. However, the low renter share implies that even with a reasonable median income, the overall demand for rental housing might be minimal.
In conclusion, the data paints a picture of a market where owner-occupation is the norm, and rental opportunities, especially for Section 8 participants, are limited. The Section 8 verdict for ZIP 29840 is that while the FMR stands at $950, the low renter share and lack of detailed market data suggest that this may not be a favorable area for Section 8 rentals. Investors should focus on properties that cater to owner-occupiers or explore areas with higher renter shares for better returns.
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.