Location: Beaufort County, SC | Metro: Beaufort County, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,620 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $1,840 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
U.S. Census Bureau data (2024)
In ZIP code 29904, the economics of Section 8 housing can be clearly understood by examining the SAFMR (Small Area Fair Market Rent) and comparing it to the local market rent. For fiscal year 2024, the SAFMR for a two-bedroom apartment in this specific ZIP code is set at $1490. This figure represents the maximum amount that the Housing Choice Voucher program will pay for rent in this area.
The SAFMR is crucial because it directly influences the reimbursement rate landlords receive when renting to tenants with vouchers. It's important to note that the local market rent is currently unavailable, which means we must rely on the SAFMR to gauge the economic viability of accepting Section 8 tenants in this ZIP code.
A voucher payment consists of two main components: the tenant portion and the utility allowance. The tenant portion is typically 30% of their adjusted income, which they are responsible for paying. The utility allowance is an additional amount provided to cover utilities, though the exact amount can vary based on individual circumstances and the specific voucher agreement.
To illustrate, let's assume a hypothetical two-bedroom rental scenario where the tenant's portion is $400 and the utility allowance is $200. In this case, the total reimbursement to the landlord would be the sum of these amounts plus the SAFMR. Therefore, the landlord would receive $400 (tenant portion) + $200 (utility allowance) = $600, plus the $1490 SAFMR, totaling $2090 per month.
However, the reimbursement gap or surplus arises when comparing the total reimbursement to the actual market rent. Since the local market rent is not available, we cannot definitively state whether there is a gap or surplus. But, if the market rent were higher than $1490, landlords would face a reimbursement gap, meaning they would receive less than the market rate. Conversely, if the market rent were lower, landlords might benefit from a surplus, receiving more than the typical market rate.
For landlords in ZIP 29904, understanding the SAFMR and how it interacts with the tenant's portion and utility allowance is key to making informed decisions about participating in the Section 8 program. Given the SAFMR of $1490, landlords should ensure that their overall costs, including maintenance and vacancies, are covered by this amount or adjust their expectations accordingly.
In summary, the SAFMR of $1490 for a two-bedroom apartment in ZIP 29904 sets the baseline for Section 8 payments. Landlords need to factor in the tenant's portion and utility allowance to calculate their total monthly reimbursement. Without specific market rent data, it's impossible to quantify the exact reimbursement gap or surplus, but landlords should use this information to assess their financial situation and decide whether to accept Section 8 tenants.
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.