Section 8 Fair Market Rent (FMR) for ZIP 29848 - 2027

Location: McCormick County, SC | Metro: Columbia, SC HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$930
1 Bedroom	$1,050
2 Bedrooms	$1,150
3 Bedrooms	$1,470
4 Bedrooms	$1,720
5 Bedrooms	$1,995
6 Bedrooms	$2,234
7 Bedrooms	$2,413
8 Bedrooms	$2,534

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

889

Median Household Income

$61,042

Housing Units

403

Renter Percentage

2.8%

Occupancy Rate

89.1%

Renter Occupied

The ZIP code 29848, located in South Carolina, is characterized by its rural setting and modest economic profile, offering a niche market for real estate investment. The area presents opportunities for landlords and small-portfolio investors who are willing to navigate the unique challenges posed by a low-renter population and fluctuating housing demands.

The Fair Market Rent (FMR) for ZIP 29848 in fiscal year 2024 is set at $1,020. This figure represents the government's benchmark for rental affordability and can guide pricing strategies for Section 8 eligible units.
The market rent for the area, as per the latest Census American Community Survey (ACS), stands at $1,321. This indicates that the local rental market exceeds the FMR, providing a potential margin for profit above government subsidies.
The median home value in ZIP 29848 is $130,388. This relatively low valuation suggests that property acquisition costs could be manageable for investors looking to enter the market.
Renters make up only 2.8% of the population, which means that the demand for rental properties is lower compared to areas with higher renter shares. This could affect occupancy rates and the overall rental market dynamics.
The median household income in the area is $61,042. This economic indicator is crucial for understanding the financial capacity of potential tenants and their ability to afford rental payments.

Synthesizing these points, ZIP 29848 offers a clear path for investors focused on Section 8 properties due to the alignment between the FMR and the subsidized rent levels. However, the low renter share implies a competitive market for attracting tenants, necessitating well-maintained properties to ensure steady occupancy. The modest median home value and income suggest that while the cost of entry might be low, returns will be contingent upon careful management and possibly leveraging the difference between FMR and market rents to optimize profitability. Investors should prepare for a market where the success of rental properties hinges significantly on their ability to meet both the quality standards expected by tenants and the budget constraints typical of 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.