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There are 0 low-income apartments in North Myrtle Beach that offer reduced rents to eligible households.
Rental assistance programs support 0 low-income homes in North 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 $-4 towards rent each month.
Affordable rent data for some communities last confirmed on July 2nd, 2024. Subdsidized rents typically change once a year based on federal guidance.
North Myrtle Beach, South Carolina Affordable Housing Data
Income Based Apartments in North Myrtle Beach, South Carolina
North Myrtle Beach features 0 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 North Myrtle Beach, South Carolina
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in North Myrtle Beach.
Housing Choice Vouchers in North Myrtle Beach, South Carolina
On average, Section 8 Housing Choice vouchers pay North Myrtle Beach landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in North Myrtle Beach.
The maximum amount a voucher would pay on behalf of a low-income tenant in North Myrtle Beach, South Carolina for a two-bedroom apartment is between $1,225 and $1,497.
2024 North 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 | |
|---|---|---|---|---|---|
| North Myrtle Beach, South Carolina Fair Market Rent | $1,121 | $1,187 | $1,361 | $1,724 | $2,005 |
| North 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.
North Myrtle Beach, SC Affordable Housing Snapshot
| Total Affordable Apartment Properties | 1 |
|---|---|
| Total Low Income Apartments | 1 |
| Total Housing Units with Rental Assistance | 0 |
| Percentage of Housing Units Occupied By Renters | 31.53% |
| Average Renter Household Size | 2.01 |
| Average Household Size | 1.92 |
| Median Household Income | $47,562 ±$3,146 |
| Median Rent | $857 ±$37 |
| Percentage Of Renters Overburdened | 46.86% ± 7.73pp |
| Total Population | 14,824 |
Population and Household Demographics
North Myrtle Beach is a city in Horry County, South Carolina with a population of 14,824. There are 7,716 households in the city with an average household size of 1.92 persons. 31.53% of households in North Myrtle Beach are renters.
Income and Rent Overburden in North Myrtle Beach
The median gross income for households in North Myrtle Beach is $47,562 a year, or $3,964 a month. The median rent for the city is $857 a month.
Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In North Myrtle Beach, a household making less than $2,857 a month would be considered overburdened when renting an apartment at or above the median rent. 46.86% of households who rent are overburdened in North Myrtle Beach.
Area Median Income In North 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 North Myrtle Beach, the AMI is calculated from all households within Horry County.
In North 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 North 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 North 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 North 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 North 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 North 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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