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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,320 | $177,345 | 0.74% | D |
| 3BR | $1,630 | $269,039 | 0.61% | D |
| 4BR | $1,900 | $314,831 | 0.6% | D |
U.S. Census Bureau data (2024)
A skeptical investor looking into ZIP 29569, Loris, SC, might have several concerns regarding the viability of investing in the area, especially in relation to Section 8 housing. Here are some of those concerns, along with the relevant data to address them.
Will FMR $1030 (zip FY 2024) cover the mortgage on a $252,259 home?
The Fair Market Rent (FMR) for a single-bedroom unit in ZIP 29569 for fiscal year 2024 is set at $1030. This figure represents the average rent that a landlord can expect to receive from a Section 8 tenant. To determine if this amount will cover the mortgage, we need to calculate the monthly mortgage payment based on the median home value of $252,259. Assuming a 30-year fixed-rate mortgage at an interest rate of 4.5%, the monthly mortgage payment would be approximately $1270. Clearly, the FMR of $1030 does not fully cover this mortgage payment, leaving a shortfall of $190 per month. This gap must be covered through other means, such as property appreciation, rental income from additional units, or personal investment.
Is there enough renter demand at 26.6%?
The percentage of renters in ZIP 29569 stands at 26.6%. While this indicates a smaller proportion of renters compared to owners, it still represents a significant portion of the population. The question of whether this is enough depends on the size of the portfolio and the competition in the rental market. With 26.6% of the residents renting, there is a base level of demand. However, the data does not provide insights into the specific demand for Section 8 rentals. It's important for investors to conduct further research on local rental trends and the availability of Section 8 tenants to gauge the potential success of their investment.
Will vouchers keep pace with $786 market rents?
The market rent for a two-bedroom apartment in ZIP 29569 is currently $786. Given that the FMR is higher at $1030, it suggests that the voucher amounts are designed to cover a broader range of housing costs, including utilities and maintenance. However, the data does not explicitly state how often or under what conditions voucher amounts adjust to match market rents. Historically, voucher amounts have increased gradually over time to keep up with inflation and housing cost increases. Investors should monitor any updates on voucher policies and consider the possibility of fluctuating subsidy levels when planning long-term investments.
In conclusion, while the data provides a clear picture of the financial aspects of investing in ZIP 29569, such as the FMR and median home values, it also highlights areas where further investigation is necessary. The potential shortfall in covering mortgage payments with FMR alone, the specific demand for Section 8 rentals, and the adaptability of voucher amounts to market rents are all critical factors that require careful consideration.
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.