Section 8 Fair Market Rent (FMR) for ZIP 29841 - 2027

Location: Augusta-Richmond County, GA | Metro: Augusta-Richmond County, GA-SC HUD Metro FMR Area

Investment Score for ZIP 29841

Monthly Rent (2BR)

$1,270

Median Price (2BR)

$185,352

1% Rule

0.69%

Annual Yield

8.22%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$950
1 Bedroom	$1,150
2 Bedrooms	$1,270
3 Bedrooms	$1,600
4 Bedrooms	$1,940
5 Bedrooms	$2,250
6 Bedrooms	$2,520
7 Bedrooms	$2,722
8 Bedrooms	$2,858

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,270	$185,352	0.69%	D
3BR	$1,600	$249,291	0.64%	D
4BR	$1,940	$367,522	0.53%	F
5BR	$2,250	$451,703	0.5%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

32,342

Median Household Income

$71,606

Housing Units

16,457

Renter Percentage

29.8%

Occupancy Rate

85.5%

Renter Occupied

4,197

To determine if you should buy in ZIP code 29841 (North Augusta, SC) for Section 8 investments, follow this decision tree:

1) Does the Fair Market Rent (FMR) of $990 cover the debt service on a property valued at $224,566?

No: The FMR of $990 is insufficient to clear the debt service on a $224,566 property. This means that relying solely on Section 8 tenants would not be financially viable.

2) Is the market rent ($1,403 ZORI) above, at, or below the FMR?

Above: The ZORI, which stands for Zillow's Observed Rental Index, is $1,403, significantly higher than the FMR of $990. This indicates that landlords could potentially charge more than the FMR for non-Section 8 tenants, making the area attractive for mixed-use portfolios.

3) Are the 29.8% renters and 23-day Days on Market (DOM) indicative of sufficient demand?

Yes: With 29.8% of the population renting and an average DOM of 23 days, there is a strong indication of demand in the rental market. This suggests that properties will likely be occupied quickly, reducing vacancy risks.

If the FMR does not cover debt service, then the answer is clear: No. However, if you consider supplementing your portfolio with non-Section 8 tenants due to the higher market rent, the answer shifts to It Depends. The high ZORI compared to the FMR allows for potential higher rents, but this strategy requires careful management to balance tenant mix. Given the strong demand indicated by the percentage of renters and DOM, landlords can expect a steady flow of tenants. Therefore, for those willing to manage a diverse tenant base, the answer leans towards Yes.

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.