Location: Augusta-Richmond County, GA | Metro: Augusta-Richmond County, GA-SC HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,280 | $282,394 | 0.45% | F |
| 2BR | $1,410 | $242,539 | 0.58% | F |
| 3BR | $1,770 | $300,899 | 0.59% | F |
| 4BR | $2,160 | $388,712 | 0.56% | F |
| 5BR | $2,506 | $441,519 | 0.57% | F |
U.S. Census Bureau data (2024)
ZIP code 29860, located in North Augusta, SC, is part of the larger Augusta-Richmond County, GA-SC HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 29860 in fiscal year 2024 is set at $1,080. This figure represents the benchmark rent for a modest apartment in the area and is used to determine eligibility for housing assistance programs like Section 8.
The market rent for 29860 stands at $1,894, which is significantly higher than the FMR. This suggests that landlords can potentially charge more than the subsidized rate if they choose not to participate in the Section 8 program. However, it also indicates that there might be a gap between what the market demands and what the HUD considers fair for subsidized housing, which could influence the attractiveness of the area for Section 8 tenants and landlords alike.
The median home value in 29860 is $324,746. When comparing this to other ZIP codes within the same HUD Metro FMR Area, it's important to note that a higher home value doesn't necessarily correlate with higher rental prices. In fact, the disparity between the FMR and market rent, combined with the median home value, points towards a mid-tier neighborhood status within the metro. It's neither the most expensive nor the least, but offers a balanced option for both tenants and investors.
The renter share in 29860 is 12.8%. While this percentage is relatively low compared to some urban centers where renter shares can exceed 50%, it still provides a significant portion of potential Section 8 tenants. A lower renter share typically means fewer available units are rented out, which can make it challenging for landlords to find tenants who qualify for Section 8 subsidies. However, given the FMR and market rent figures, landlords in 29860 might still find the area appealing due to the balance between subsidy rates and market demand.
In summary, ZIP 29860 presents itself as a mid-tier neighborhood within the Augusta-Richmond County, GA-SC HUD Metro FMR Area. Its FMR, market rent, and median home value indicate a moderate investment opportunity for landlords and small-portfolio investors. The relatively low renter share suggests a need for strategic property management to attract eligible tenants, but the overall figures point towards a stable and reasonable market presence without being a premium sub-market or a value pocket.
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.