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McCormick County/Modoc/29838

29838

ZIPSAFMR
McCormick County, SC
Zillow

ZIP Investment Score

46Below average

095130300
BRFMR
Eff. Rent
0 BR$770$770
1 BR$830$830
2 BR$1,040$1,040
3 BR$1,370$1,370
4 BR$1,440$1,440
5 BR$1,656Not available
6 BR$1,904Not available
7 BR$2,190Not available
8 BR$2,519Not available

Purchase Price Calculator

Maximum purchase price
$92,627

Cost breakdown

+Likely effective rent$1,040
HUD FMRUsed$1,040
Market rentN/A
Est. payment standardN/A
-Principal and interest-$468
Loan amount$74,102
Down payment$18,525
Rate6.50%
Term30 years
-Operating costs-$372
Property taxes-$93
Insurance-$175
Utilities$0
HOA$0
Management-$104
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$16,977(91.6% ROI)
Projected value
$99,749
Return breakdown
Property appreciation+$7,122
Loan principal paid down+$2,655
Rental cash flow+$7,200
5-year hold
+$28,906(156.0% ROI)
Projected value
$104,799
Return breakdown
Property appreciation+$12,172
Loan principal paid down+$4,734
Rental cash flow+$12,000
10-year hold
+$61,225(330.5% ROI)
Projected value
$118,570
Return breakdown
Property appreciation+$25,943
Loan principal paid down+$11,281
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
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ZIP 29838 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 29838 (Modoc, SC) is $1,040 a month. That is down 3.7% from $1,080 in FY 2026. Modoc is in the McCormick County, SC non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $885. Among 11 ZIP codes in McCormick County, 29838 has the 4th-highest two-bedroom rent (county range $890–$1,350). The median county two-bedroom FMR in South Carolina is $1,098, so ZIP 29838 is 5% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 29838
BedroomsFY 2027Change90–110% range
Studio$770−4.9%$693–$847
1BR$830−4.6%$747–$913
2BR$1,040−3.7%$936–$1,144
3BR$1,370−2.1%$1,233–$1,507
4BR$1,440−7.7%$1,296–$1,584

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 29838
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$770$830$1,040$1,370$1,440
FY 2026$810$870$1,080$1,400$1,560
FY 2025$760$870$1,010$1,320$1,610
FY 2024$680$810$940$1,250$1,510
FY 2023$620$720$820$1,110$1,380

Two-bedroom rent in nearby McCormick County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 29838
29620$1,060+1.9%
29628$890−14.4%
29819$910−12.5%
29821$1,350+29.8%
29835$1,000−3.8%
29838Current$1,040—
29840$960−7.7%
29844$1,030−1.0%
29845$1,030−1.0%
29848$1,150+10.6%
29899$1,000−3.8%

Questions about ZIP 29838 rents

How much will Section 8 pay for a two-bedroom in ZIP 29838?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $885, which applies unless the housing authority uses Small Area FMRs, that basic range is $797 to $974 a month; under the ZIP-level Small Area FMR of $1,040 it would be $936 to $1,144. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 29838 in?

ZIP 29838 is in the McCormick County, SC non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $885.

How much did fair market rent change in ZIP 29838 for FY 2027?

The two-bedroom FMR fell 3.7%, from $1,080 in FY 2026 to $1,040 in FY 2027. Since FY 2023 it has risen 26.8%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentModoc, SC fair market rentSC statewide rentsWhat is SAFMR?Data sources