Location: Hampton County, SC | Metro: Jasper County, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
U.S. Census Bureau data (2024)
The ZIP code 29916 presents an interesting scenario for both renters and landlords. The median income in this area stands at $70,982. However, without specific market rate data, it's challenging to provide a direct comparison on affordability. Nonetheless, we can analyze the situation based on the Fair Market Rent (FMR) set by HUD for voucher payments, which is $980 for the fiscal year 2024.
In a context where only 21.1% of the 1,470 residents are renters, the competition among landlords is relatively low. This means that those looking to rent out properties have a smaller pool of potential tenants compared to areas with higher percentages of renters. The affordability gap becomes evident when considering the median income versus the FMR. A household earning the median income would find it easier to meet the FMR standard, making voucher holders a viable tenant option.
The takeaway for landlords is that while the competition for rental properties is not intense, focusing on accommodating voucher holders could be a strategic move. Vouchers ensure a steady stream of income, albeit at the FMR rate of $980. For landlords who might struggle to fill vacancies due to the lower percentage of renters, accepting vouchers can mitigate this risk. However, landlords should also consider the administrative aspects of working with vouchers, including the application process and potential delays in receiving payments. In conclusion, landlords in ZIP 29916 should weigh the benefits of guaranteed income against the convenience of cash-paying tenants who might be willing to pay slightly above the FMR to secure their ideal living space.
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.