Section 8 Fair Market Rent (FMR) for ZIP 29587 - 2027

FY 2027 Fair Market Rent Rates

The classification of ZIP 29587 (Myrtle Beach, SC) on two axes—yield and stability—is crucial for real estate investors. Based on the data provided:

Yield: The Fair Market Rent (FMR) for FY 2024 is $1,360, while the median rent in the area is $1,260. The median home value is $210,375, which is 100.4% above the state average. With a median household income of $44,983, the area shows potential for rental income, given the discrepancy between FMR and actual median rent.

Stability: Although specific percentages for renters and days on market (DOM) were not provided, the median household income and median home value have shown significant growth over the past five years (+24.4% and +45.2%, respectively). This suggests a stable and growing local economy, supporting steady cash flow for landlords and small-portfolio investors.

ZIP 29587 is not a high-yield/low-stability flip-style market. Instead, it falls into a category of a steady-cashflow zone. The area’s strong rental market, coupled with rising property values, indicates a reliable source of income for investors. However, the relatively lower median income compared to the FMR suggests some caution in setting rental prices to ensure affordability for tenants.

To summarize, ZIP 29587 offers a balanced approach with decent yield and increasing stability, making it suitable for those seeking consistent returns rather than speculative gains.

Data Sources: FMR data from HUD (2027).

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.