Is Myrtle Beach Expensive?

Myrtle Beach, located at the heart of the Grand Strand, is a charming place to call home. US News & World Report ranked Myrtle Beach #18 on its Best Places to Live in the U.S. on its 2023-2024 list. So, is Myrtle Beach expensive? Although the area is best known as a haven for golfers and beach lovers, this city is attracting families and retirees alike thanks to its great weather and relatively low cost of living. Myrtle Beach offers plenty of job opportunities, low income taxes, and access to leisure activities and community events. It’s no secret why Myrtle Beach is an attractive place to live. Our beautiful Dream Finders homes and communities are the cherry on top. 

What Is The Cost of Living in Myrtle Beach, S.C.?

With beautiful scenery, a healthy economy, and plenty of things to do, Myrtle Beach has much to recommend it. For these reasons and more, you’d be justified in asking about the cost of living in Myrtle Beach. Despite being a popular tourist destination, the overall cost of living in Myrtle Beach is well below the national average. Those low costs are one of the reasons that retiring in Myrtle Beach is also popular. How affordable is it? When compared to other big cities and the U.S. as a whole, everyday expenses are relatively reasonable. 

Housing

Housing in Myrtle Beach costs approximately 25% less than the national average. There are many affordable properties in the area. The average cost to buy a home varies by neighborhood. However, some neighborhoods have average costs as low as $149,800. For a point of comparison, the median cost to buy a home in the United States is $231,200. Although Myrtle Beach is a great city for affordable housing, some homes in the Myrtle Beach area are also very high-end. Home buyers seeking luxury homes in Myrtle Beach can find what they want in the most expensive neighborhoods in Myrtle Beach.

Food & Grocery

While the cost of groceries in Myrtle Beach can vary, prices are 3% higher than the national average. Monthly expenses will depend on the types of grocery stores and restaurants chosen. The cost of groceries is comparable to grocery costs in other parts of the United States, though the cost of food has increased slightly in recent years. Because Myrtle Beach attracts many tourists, there are many restaurants in the area. On average, dining out costs $18 per person per meal. However, breakfast prices are usually less than lunch and dinner; dinner entrées at more expensive restaurants cost as much as $25.

Utilities

Utilities in Myrtle Beach cost slightly more than the average cost of utilities in the U.S. A typical homeowner might pay as much as $198 per month for their utility bill. Of course, the cost for utilities like power depends in part on usage and what kind of appliances are installed. Phone bills cost approximately $211 each month, which is slightly more than in some other parts of the US. Starting packages for Internet service in the Myrtle Beach area cost approximately $30 to $55, depending on the provider. Homeowners insurance rates in the area are higher, likely because Myrtle Beach is exposed to weather like tropical storms. The average cost for homeowners insurance in the area is about $3,858 per year.

Transportation

While driving is the primary mode of transportation, people without a car and people who don’t want to drive have choices. Gas costs approximately $2.24 per gallon. Compared to other cities in the United States, there is less traffic overall in Myrtle Beach. The city has interstates and freeways that keep driving times shorter. Myrtle Beach has several rideshare companies, public transportation options, and shuttle services. Public transportation includes bus service, which costs approximately $2.25 per ride, while some rideshare services charge a base price of approximately $1.95 and then a per-minute or per-mile charge that is similar to taxi service rates, or sometimes less. 

Taxes

The minimum combined 2024 sales tax rate for Myrtle Beach is 9%. This is the total of state, county, and city sales tax rates. The South Carolina sales tax rate is currently 6%. City and county property taxes on real estate are taxed at the rate of 4% on primary residences and 6% for secondary residences and vacation homes. These taxes are collected to meet the budget of a school district, county, city, or other political subdivision. The income tax rate in Myrtle Beach is 7%, compared to the US average income tax rate of 4.6%. 

Myrtle Beach is a popular retirement zone because of its affordability. In addition to the cost of living being below the national average, one of the many reasons Myrtle Beach is a hot spot is its friendliness when it comes to retirement income taxes. South Carolina is one of the most tax-friendly states in the entire country. It does not tax Social Security benefits. A $15,000 income tax deduction is available to SC residents over the age of 65. It applies to all forms of retirement income, including 401(k) plans, IRAs, and pension plans. South Carolina has one of the lowest effective property tax rates in the country. In addition, seniors who’ve lived in the state for over a year can benefit from a “homestead exemption,” which exempts them from property taxes on the first $50,000 of their home’s value. It’s no surprise that people who want to live at an affordable price are retiring in South Carolina.

Great Homes & A Great Investment!

When it comes to deciding to invest in real estate, there are several things to consider, from affordability to climate, taxes to insurance. According to real estate experts, Myrtle Beach is a sound investment, all the way around. 

Myrtle Beach is very affordable not only for home buyers but also for real estate investors. If you are considering renting your home out, Myrtle Beach is a hot spot for rental rates. Due to the geographic location of Myrtle Beach, the real estate market is constrained. With the Atlantic Ocean to the east, and several state parks and wilderness to the west, the number of homes that can be built is limited, which leads to solid occupancy, higher rent levels, stronger rent growth, and higher capital values over time. The return on investment for a home in Myrtle Beach is unbelievably high because of the demand for homes throughout the year along with the rising home prices and rentals.

One of the best things about investing in Myrtle Beach real estate is the low taxes. The tax rate of South Carolina is the eighth lowest among US states; the tax rate in Myrtle Beach is one of the lowest in the state of South Carolina. While properties in other popular beach locales, like Florida, have the highest insurance rates in the country, Myrtle Beach has a more affordable property insurance rate. (In part due to the lower risks of hurricanes and other natural calamities.) 

At Dream Finders Homes in Myrtle Beach, our homes have features that will "WOW" you, reduce your living costs, and provide you with a sound investment. And our communities are in convenient locations perfect for many lifestyles. 

Spring Oaks, in Conway, SC, is conveniently located minutes from everything. You’ll love exploring historic downtown Conway. With its picturesque streets, unique shops, and charming restaurants, Conway has something for everyone. Myrtle Beach is just a 30-minute drive. Spring Oaks offers a selection of six unique single-family homes with 2-4 bedrooms, and a 2-car garage. Spring Oaks offers 1- and 2-story homes, ranging from 1,604 to 2,408 square feet. The community has low monthly HOA dues, making it an excellent choice for those seeking an affordable lifestyle. With a range of amenities and attractions nearby, there is never a dull moment at Spring Oaks. Pricing starts at $274,900.

Our newest low-maintenance townhome community is Villas at Sandridge, located in Little River, SC. Set near the coast of South Carolina, residents can easily access beautiful beaches, waterways, and natural areas, as well as SC highways 22, 17, and 31. Outdoor enthusiasts will enjoy activities like boating, fishing, and hiking. Myrtle Beach is just a 30-minute drive down the coast. The Villas at Sandridge townhome community has three unique 2-story townhomes to choose from, with 3-4 bedrooms, a first-floor owner's suite, a covered porch, a 1-car garage, and up to 1,874 square feet of living space! Pricing starts at $258,900. 

If golf is your raison d'etre, our homes at Shaftesbury Meadows are just the ticket. A new phase is coming soon to this premier golf course community. Shaftesbury's residents enjoy free greens fees for life, allowing access to the 18-hole golf course, driving range, and pro shop. Other community amenities include a swimming pool, clubhouse, grill, and day dock on the Waccamaw River. Shaftesbury enjoys a convenient location, within a 15-mile radius from the Atlantic beaches of the Grand Strand. Residents easily explore downtown Conway, Little River, and Myrtle Beach. Nestled amidst wooded and water-view homesites, our offerings at Shaftesbury will include 1- and 2-story designs, ranging from 1,265 to 2,433 square feet. With ample space for families of all sizes, our 8 designs will have 2-5 bedrooms, and 1- or 2-car garages. Pricing starts at $262,900.  

If you are looking for a home that is central to everything and offers a vacation-esque lifestyle, then you've found it at Rivertown Landing in Conway, SC! Myrtle Beach is a short drive, so spending time relaxing at the beach will be a go-to pastime. Rivertown Landing offers easy access to downtown Conway. Graced with old live oak trees and the Waccamaw River, Conway is the perfect setting. One of the oldest South Carolina towns, Conaway’s downtown area has been restored with shops and bistros and the Riverwalk, an area of restaurants along the Waccamaw. Rivertown Landing will feature single family 1- and 2-story designs ranging from 1,265 to 2,433 square feet, with 2-5 bedrooms, and a 2-car garage. Pricing starts at $240,900. 

Coming Soon: The Promenade at Grande Dunes, our new luxury townhome community in Myrtle Beach. Stunning homes nestled in the vibrant coastal city of Myrtle Beach. Walking distance to the beach and minutes from a range of golf courses, recreation, and dining options. This exciting community is the perfect choice for young retirees, buyers looking for a secondary residence, and affluent younger couples. The Promenade at Grande Dunes will feature 2- or 3-story luxury townhomes with three unique floor plans. Special features include 3 bedrooms with an optional in-law suite, front or real-load 2-car garage options, and an optional elevator.

Connect with Dream Finders Today!

We believe Myrtle Beach is one of the best places to live in South Carolina for all the reasons mentioned above, plus more! If you are thinking of living in Myrtle Beach, we have homes for sale in Myrtle Beach. Schedule a visit to our communities and we'd be happy to show you around this great city!