Location: Myrtle Beach-North Myrtle Beach-Conway, SC | Metro: Myrtle Beach-North Myrtle Beach-Conway, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
The ZIP code 29597, located within the Myrtle Beach-North Myrtle Beach-Conway, SC HUD Metro FMR Area, can serve as a diversifier in a Section 8 portfolio strategy. The Fair Market Rent (FMR) for FY 2024 is set at $1360, which aligns closely with the average rental prices in the area.
This ZIP code benefits from a mix of seasonal and year-round residents, making it less susceptible to large fluctuations in tenant demand. The real estate listings show a variety of properties, from modest homes priced at $419,500 to more upscale residences at $749,900 and beyond. This diversity allows for flexibility in property acquisition and management, catering to different income levels and family sizes.
The presence of both vacation rentals and permanent residences ensures a steady stream of potential tenants who qualify for Section 8. While specific market data such as median home values and median income were not provided, the availability of numerous rental options suggests a robust rental market that can support a diversified investment approach.
Including properties from ZIP 29597 in a Section 8 portfolio helps mitigate risks associated with over-relying on any single type of property or market condition. Landlords and small-portfolio investors can leverage the consistent demand for affordable housing, while also benefiting from the potential for rental income stability.
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.