Location: Beaufort County, SC | Metro: Beaufort County, 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 | $1,430 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,640 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,500 | $398,438 | 0.38% | F |
| 3BR | $1,960 | $371,560 | 0.53% | F |
| 4BR | $2,450 | $692,226 | 0.35% | F |
U.S. Census Bureau data (2024)
The ZIP code 29940, located in a county with a total of 3,256 residents, stands out due to its unique mix of economic indicators. Only 13.9% of the population rents their homes, indicating a predominantly owner-occupied area. The median income for households here is $54,177, which suggests a middle-class community. The median home value of $415,301 reflects a stable housing market, where property values are relatively high compared to national averages.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 29940 is set at $1320 for the fiscal year 2024. This figure is critical for landlords and small-portfolio investors as it represents the maximum rent that can be charged to tenants participating in the Section 8 program. However, the absence of current market rent data for comparison indicates a lack of recent updates, which could be due to various factors including infrequent reporting or recent stability in the local rental market.
Based on the available data, the ZIP 29940 presents itself as a stable market. The relatively high median home value and moderate median income suggest a balanced economy where homeownership is common and property values have remained consistent over time. The low percentage of renters further supports this stability, as it implies a strong preference for owning homes rather than renting. For those considering entering the rental market through Section 8 vouchers, the established FMR provides a reliable benchmark for setting rents, although the lack of updated market rent data should be monitored closely for any signs of change.
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.