Location: McCormick County, SC | Metro: McCormick County, SC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 29844 presents several challenges for landlords considering Section 8 investments. The primary risk stems from tenant turnover, which can be higher due to the significant gap between the market rent of $644 and the Fair Market Rent (FMR) of $1,070 for FY 2026 in the metropolitan area. This disparity often leads to tenants seeking better deals, increasing the likelihood of frequent moves and thus higher turnover rates.
Vacancy exposure is another concern. With no available data on days on market (DOM), it's difficult to predict how quickly properties might fill. In areas where there is a lack of rental demand, landlords may face extended periods without tenants, leading to financial strain. Additionally, the absence of typical home values and median income data complicates the assessment of the overall economic health of the area, making it harder to gauge potential deferred maintenance issues and the ability of residents to cover their portion of the rent.
Despite these risks, the high renter share of 15.8% in ZIP 29844 suggests a robust demand for rentals, which typically translates into a higher number of Section 8 voucher holders looking for housing. This can mitigate some of the vacancy concerns as there is a larger pool of potential tenants who are able to secure housing through the voucher program.
In conclusion, the risks associated with Section 8 investments in ZIP 29844 are moderate, primarily due to the unknowns around vacancy rates and deferred maintenance, but are partially offset by the strong renter demand in the area.
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.