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 analysis for the Section 8 program in ZIP code 29934 focuses on the discrepancy between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR stands at $990. However, the current market rent data is not available, which complicates a direct comparison. Despite this, we can still provide insights based on the existing FMR figure and the demographic context of the area.
In ZIP 29934, 16.4% of residents are renters, indicating a significant portion of the population relies on rental properties. The median household income in this region is $88,397, suggesting that while some residents might be able to afford higher rents, a substantial number may depend on financial assistance such as Section 8 vouchers.
Given that the FMR is set at $990, landlords who accept Section 8 vouchers will be compensated according to this rate. If the actual market rent is above $990, accepting voucher tenants could mean receiving less rent than what the market dictates. This scenario would result in landlords having to accept a lower yield on their investment, potentially making it less profitable compared to renting to market-rate tenants.
Conversely, if the market rent is below $990, which is the FMR, then accepting Section 8 tenants becomes a yield play. Landlords would benefit from receiving a guaranteed payment that exceeds the prevailing market rates, ensuring a steady income stream regardless of the local rental market conditions.
The lack of specific market rent figures makes it challenging to quantify the exact financial impact of the gap. Nonetheless, the decision to participate in the Section 8 program should be made with consideration of these factors, particularly the stability of income versus potential market-rate returns.
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.