Location: Georgetown County, SC | Metro: Georgetown County, SC
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 | $1,140 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,620 |
| 5 Bedrooms | $3,039 |
| 6 Bedrooms | $3,404 |
| 7 Bedrooms | $3,676 |
| 8 Bedrooms | $3,860 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,570 | $309,553 | 0.51% | F |
| 3BR | $1,870 | $530,728 | 0.35% | F |
| 4BR | $2,620 | $801,036 | 0.33% | F |
| 5BR | $3,039 | $1,446,026 | 0.21% | F |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 investment in ZIP code 29585, located in Pawleys Island, SC, are significant and must be carefully considered. Firstly, the tenant turnover rate could pose a challenge. The market rent for the area is $1,660, whereas the Fair Market Rent (FMR) for FY 2026 is set at $1,580, which is lower than the market rate. This discrepancy can lead to higher turnover rates as tenants might struggle to afford the difference between the FMR and the actual market rent.
Vacancy exposure is another concern. With an average Days on Market (DOM) of 52 days, there is a substantial period during which the property may remain unoccupied, leading to lost rental income. Landlords should be prepared for this extended vacancy period, especially when relying on Section 8 vouchers that might have delays in processing or renewals.
Deferred maintenance is also a critical issue. Given the typical home value of $544,805 and a median household income of $81,946, there is a considerable gap between the property's value and the average income level. This suggests that many residents may not have the financial capacity to maintain their homes adequately, potentially leading to increased maintenance costs for landlords.
However, these risks are balanced by the high concentration of renters in the area. The renter share stands at 12.3%, indicating a robust demand for rental properties. High renter density often translates into a strong demand for Section 8 vouchers, which can help mitigate some of the risks associated with vacancy and turnover. Additionally, the presence of a large number of renters can provide a steady stream of potential tenants who are eligible for the program.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP code 29585 is moderate. While there are notable challenges, such as tenant turnover and deferred maintenance, the high renter density provides a solid foundation for finding and retaining tenants through the Section 8 program.
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.