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There are 653 low-income apartments in Myrtle Beach that offer reduced rents to eligible households.
Rental assistance programs support 383 low-income homes in Myrtle Beach where households pay rent based on how much they earn. For 2024, elgible households participating in federally assisted housing pay an average of $280 towards rent each month.
Affordable rent data for some communities last confirmed on June 25th, 2024. Subdsidized rents typically change once a year based on federal guidance.
Public Housing Agencies Serving Myrtle Beach, South Carolina
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
| Housing Authority | Programs |
|---|---|
| Housing Authority of Myrtle Beach | Section 8 Housing Choice Voucher (HCV); Homeownership Voucher; Family Self-Sufficiency; Veteran Affairs Supportive Housing (VASH); Section 8 Project-Based Voucher (PBV); Mainstream Voucher |
Myrtle Beach, South Carolina Affordable Housing Data
Income Based Apartments in Myrtle Beach, South Carolina
Myrtle Beach features 383 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Myrtle Beach, South Carolina
There are 653 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Myrtle Beach.
Housing Choice Vouchers in Myrtle Beach, South Carolina
On average, Section 8 Housing Choice vouchers pay Myrtle Beach landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Myrtle Beach.
The maximum amount a voucher would pay on behalf of a low-income tenant in Myrtle Beach, South Carolina for a two-bedroom apartment is between $1,225 and $1,497.
2024 Myrtle Beach, South Carolina Fair Market Rents and Housing Choice Voucher Payment Standards
Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.
| Studio | One BR | Two BR | Three BR | Four BR | |
|---|---|---|---|---|---|
| Myrtle Beach, South Carolina Fair Market Rent | $1,121 | $1,187 | $1,361 | $1,724 | $2,005 |
| Myrtle Beach, South Carolina Payment Standard Range | $1,009 to $1,233 | $1,068 to $1,306 | $1,225 to $1,497 | $1,552 to $1,896 | $1,805 to $2,206 |
Sourced from federal housing data and AffordableHousingOnline.com research.
Myrtle Beach, SC Affordable Housing Snapshot
| Total Affordable Apartment Properties | 37 |
|---|---|
| Total Low Income Apartments | 1,054 |
| Total Housing Units with Rental Assistance | 383 |
| Percentage of Housing Units Occupied By Renters | 48.8% |
| Average Renter Household Size | 2.50 |
| Average Household Size | 2.33 |
| Median Household Income | $36,514 ±$2,642 |
| Median Rent | $826 ±$25 |
| Percentage Of Renters Overburdened | 55.41% ± 5.26pp |
| Total Population | 29,198 |
Population and Household Demographics
Myrtle Beach is a city in Horry County, South Carolina with a population of 29,198. There are 12,482 households in the city with an average household size of 2.33 persons. 48.8% of households in Myrtle Beach are renters.
Income and Rent Overburden in Myrtle Beach
The median gross income for households in Myrtle Beach is $36,514 a year, or $3,043 a month. The median rent for the city is $826 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Myrtle Beach, a household making less than $2,753 a month would be considered overburdened when renting an apartment at or above the median rent. 55.41% of households who rent are overburdened in Myrtle Beach.
Area Median Income In Myrtle Beach
Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.
HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Myrtle Beach, the AMI is calculated from all households within Horry County.
In Myrtle Beach, HUD calculates the Area Median Income for a family of four as $73,700
Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.
Rental Assistance in Myrtle Beach
Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.
Income Qualifications for HUD Rental Assistance in Myrtle Beach
| 1 Person | 2 Person | 3 Person | 4 Person | 5 Person | 6 Person | 7 Person | 8 Person | |
|---|---|---|---|---|---|---|---|---|
| 30% AMI Income Limits Renters earning up to 30% of the Myrtle Beach AMI may qualify for rental assistance programs that target Extremely Low Income households. |
$15,200 | $19,720 | $24,860 | $30,000 | $35,140 | $40,280 | $44,850 | $47,750 |
| 50% AMI Income Limits Renters earning up to 50% of the Myrtle Beach AMI may qualify for rental assistance programs that target Very Low Income households. |
$25,350 | $28,950 | $32,550 | $36,150 | $39,050 | $41,950 | $44,850 | $47,750 |
| 80% AMI Income Limits Renters earning up to 80% of the Myrtle Beach AMI may qualify for rental assistance programs that target Low Income households. |
$40,500 | $46,300 | $52,100 | $57,850 | $62,500 | $67,150 | $71,750 | $76,400 |
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