Section 8 Fair Market Rent (FMR) for ZIP 29527 - 2027
Location: Myrtle Beach-North Myrtle Beach-Conway, SC | Metro: Myrtle Beach-North Myrtle Beach-Conway, SC HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,040 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$52,069
Housing Authorities Serving ZIP 29527
To determine if you should buy in ZIP code 29527 (Conway, SC) for Section 8 investments, follow this decision tree based on the provided data:
- Does FMR $1150 (zip FY 2024) clear debt service on a $259,466 property?
- If yes: The Fair Market Rent (FMR) of $1150 is sufficient to cover the debt service on a property valued at $259,466. This means that the rental income from a Section 8 tenant will be enough to meet the mortgage payments and other expenses associated with owning the property.
- If no: The FMR of $1150 does not clear the debt service on a property costing $259,466. This indicates that the rental income from a Section 8 tenant would fall short of covering the necessary financial obligations of the property.
- Is market rent $1,638 (ZORI) above, at, or below FMR?
- If market rent is above FMR: At $1,638, the Zillow Observed Rental Index (ZORI) is higher than the FMR of $1150. This suggests that there is potential to earn more than the FMR from non-Section 8 tenants, which could make the area attractive for broader investment strategies beyond just Section 8 properties.
- If market rent is at or below FMR: With a ZORI of $1,638, the market rent is above the FMR of $1150. This means that while Section 8 rents might not be sufficient, the overall rental market offers higher rates, which could be beneficial for landlords seeking to diversify their tenant mix.
- Are 24.3% renters + 57-day DOM enough demand?
- If yes: With 24.3% of residents being renters and an average Days on Market (DOM) of 57 days, there is sufficient demand for rental properties. This indicates that properties are rented relatively quickly, suggesting a healthy rental market.
- If no: The combination of 24.3% renters and a DOM of 57 days does not indicate a strong enough demand. However, this is subjective and requires context. In many markets, a 57-day DOM is considered reasonable, and 24.3% renters can still support a viable rental business, especially if the property meets the needs of Section 8 tenants.
The decision ultimately depends on whether the FMR clears the debt service and your willingness to accept a potentially lower occupancy rate compared to the broader rental market. If the FMR of $1150 is insufficient for debt service, consider the higher market rent of $1,638 as a factor in your decision-making process. A DOM of 57 days and a 24.3% rental rate suggest a stable but not overly competitive market for rental properties.
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.