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 | $1,220 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $1,930 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,330 | $129,530 | 1.03% | B |
| 2BR | $1,590 | $179,258 | 0.89% | C |
| 3BR | $1,930 | $383,893 | 0.5% | F |
| 4BR | $2,090 | $543,472 | 0.38% | F |
| 5BR | $2,424 | $828,141 | 0.29% | F |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,490 for ZIP code 29575 in Surfside Beach, SC, will sufficiently cover the mortgage on a home priced at $352,365. According to the data, the FMR does not guarantee that it will cover the mortgage payments, especially considering additional costs such as property taxes, insurance, and maintenance. However, the FMR is designed to reflect the average rent for a two-bedroom apartment, which can serve as a baseline for setting rental prices.
The investor could also be concerned about the level of renter demand in the area, given that only 20.4% of households are renters. This percentage indicates a relatively low demand for rentals compared to owner-occupied homes. Nevertheless, the tourism and seasonal nature of Surfside Beach may attract a steady flow of short-term and seasonal renters, compensating for the lower long-term rental market share.
Another objection might be whether Housing Choice Vouchers will keep pace with the market rents, currently estimated at $1,652. The voucher program aims to provide affordable housing options, but the data does not specify if the voucher amounts will adjust to match the increasing market rents. Landlords should consider the potential gap between voucher amounts and market rents when deciding on their rental pricing strategy.
To summarize, while the FMR of $1,490 may not fully cover the mortgage on a $352,365 home, it provides a starting point for rental pricing. The 20.4% renter occupancy rate suggests a niche rental market, potentially driven by seasonal tourism. Lastly, the uncertainty around voucher amounts adjusting to market rents means landlords must carefully balance their pricing to accommodate both voucher holders and market-rate tenants.
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.