Location: Myrtle Beach-North Myrtle Beach-Conway, SC | Metro: Myrtle Beach-North Myrtle Beach-Conway, 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 | $1,040 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,320 | $184,995 | 0.71% | D |
| 3BR | $1,630 | $251,112 | 0.65% | D |
U.S. Census Bureau data (2024)
ZIP code 29545, located in Green Sea, South Carolina, is a small, rural neighborhood with a total population of 1,767 residents. Approximately 43.8% of these residents are renters, indicating a modest demand for rental properties. The median household income in the area stands at $42,083, which is relatively low compared to national averages. This economic profile suggests that many residents may be seeking affordable housing options, making subsidized housing programs such as Section 8 particularly relevant.
The median home value in ZIP 29545 is $198,171, reflecting the overall affordability of the real estate market in this region. For landlords and small-portfolio investors considering Section 8 participation, it's crucial to understand the financial landscape. The Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $1,030, which is notably higher than the average market rent of $750 reported by the Census Bureau's American Community Survey (ACS).
This disparity between FMR and market rents presents an opportunity for both hands-off voucher operators and hands-on value-add buyers. Hands-off operators can benefit from the guaranteed income stream provided by the Section 8 program, which exceeds the local market rates. On the other hand, value-add buyers can leverage the difference to improve property conditions and increase rents closer to the FMR level, thereby enhancing their returns while offering better quality housing to tenants.
In conclusion, ZIP 29545 offers a viable market for Section 8 investments due to its low median income and high proportion of renters. The gap between FMR and current market rents makes it attractive for both passive and active investors, ensuring steady cash flow and potential for property appreciation.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.