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 | $1,190 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,300 | $199,867 | 0.65% | D |
| 2BR | $1,550 | $278,069 | 0.56% | F |
| 3BR | $1,880 | $451,379 | 0.42% | F |
| 4BR | $2,040 | $640,776 | 0.32% | F |
| 5BR | $2,366 | $889,209 | 0.27% | F |
U.S. Census Bureau data (2024)
The ZIP code 29582, located in North Myrtle Beach, SC, presents a dynamic rental market influenced by various factors. The Fair Market Rent (FMR) for the area stands at $1510 for the fiscal year 2024, while the market rent, as indicated by ZORI (Zillow Observed Rent Index), is slightly higher at $1,533. This suggests that the market is closely aligned with the government's assessment of fair rents, indicating stability but also a slight premium due to market conditions.
A key indicator of market health is the price-cut share, which is very low at just 0.2%. This figure implies that landlords are generally able to maintain their rental rates without significant reductions, suggesting strong demand. Additionally, the days on market (DOM) for rental properties is 71 days, which is relatively short. A shorter DOM typically indicates a competitive market where units are filled promptly, further supporting the notion of robust demand.
The median home value in ZIP 29582 is $393,246. While this doesn't directly indicate whether supply outpaces demand, it can influence rental dynamics. Higher home values might deter first-time buyers, pushing them towards renting, thus increasing the rental demand. The 18.5% renter share provides insight into the long-term housing pressure. A lower percentage of renters compared to homeowners could imply that the area is less transient and more stable, with a preference for ownership over renting. However, this also means that a significant portion of the population is still renting, which can contribute to ongoing housing pressure as the demand for rentals remains steady.
In summary, the market in ZIP 29582 appears to be one where demand is strong enough to support rental prices close to or above the FMR, with little need for price adjustments. The relatively low renter share suggests a community that leans toward home ownership, yet the persistent rental demand indicates a steady flow of tenants seeking affordable housing options. These dynamics paint a picture of a balanced but active market, where both rental and ownership sectors coexist, with rental properties serving as a critical component of the local housing landscape.
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.