Cost of Living in Myrtle Beach 2024: Your Complete Guide

In Myrtle Beach, understanding the cost of living is vital. As people flock to this sought-after destination for its unique blend of beachside fun and relaxed, suburban living, uncovering the financial pros and cons is essential for those considering a move.

At the Right Find Homes Team, we're here to guide you through what to expect regarding living expenses in Myrtle Beach for 2024. We're here to help you understand what it's really like to live in Myrtle Beach, especially when it comes to your wallet.

myrtle beach area and residents introducing topic of cost of livng

What is the cost of living in Myrtle Beach for 2024?

In Myrtle Beach, SC, the cost of living is 8% below the national average, according to Payscale. So, if you earn $100,000 elsewhere, you'd only need around $92,000 to enjoy a similar lifestyle here at the beach. That's a pretty big saving!

It's just one of the reasons Myrtle Beach is among the best places to retire in South Carolina.

Now, let's dig into what exactly makes living in Myrtle Beach cheaper.

What Does Housing Cost in Myrtle Beach?

Myrtle Beach offers a diverse array of housing options, from luxurious oceanfront condos to cozy suburban homes. The housing market remains competitive in 2024, with prices reflecting the city's desirability and dictated by a low supply of homes listed for sale. According to January 2024 data from Rocket Homesthe median sold price of a single family home was $315,009. That’s up 3.2% from the same period last year. 

For context here was the median sold price of homes in other markets:

  • Charleson, SC: $531,728
  • Wilmington, NC: $408, 939
  • Greenville, SC: $327,000
  • Bluffton, SC: $425,000

Prospective buyers can anticipate median home prices to continue rising, influenced by factors such as location, amenities, and property size. Despite this trend, Myrtle Beach still provides relatively affordable housing compared to other coastal markets like Wilmington, NC and Charleston, SC.

graph showing cost of a myrtle beach home compared to similar cities

For renters, the average rent for an apartment in Myrtle Beach was $1599/month (according to data updated in November 2023 from RentCafe). That figure is significantly lower than comparable SC cities like Charleston ($1990/month) but higher than some other locations in the state. 

What About Utilities?

Accounting for utilities and essential services is essential when considering the cost of living. Residents can expect reasonable expenses for electricity, water, and internet services, thanks to the city's efficient infrastructure.

For electricity, residents of Myrtle Beach, SC pay an average of $169/month, 13% lower than the national average. Credit that to a mild climate that eases the need for winter heating. Residents typically spend a little more in the summer due to air conditioning. 

For water, residents within city limits can expect to pay a rate of $1.73 per 1000 gallons per month. Outside city limits, the City of Myrtle Beach government reports, residents can expect to pay twice that rate, on average.

How Much Does Gas Cost in Myrtle Beach?

Most people in Myrtle Beach get around by car, so the cost of transportation is closely linked to the price of gas. In Myrtle Beach, SC, the average cost of gas (as of the date this blog is published) was $3.02/gal for regular and $3.77/gal for diesel. Those figures are down slightly from last year and 7% below the national average. 

What About Airfare?

Thanks to the Myrtle Beach International Airport, flying is also an option for Myrtle Beach residents looking to travel. Since it is a smaller airport, cheaper direct flights can be hard to find compared to major airports in the Southeast like Charlotte Douglas and Atlanta. However, direct flights from budget airlines like Spirit and Allegiant are becoming more common.

How Much Do Groceries Cost in Myrtle Beach?

Residents have access to a variety of grocery options, from supermarkets to local farmers' markets. While prices are only 2% lower than the national average (according to data from RentCafe), South Carolina has no state tax on unprepared foods. Local and county sales tax on groceries vary, but are often minimal or nonexistent.

What is the Cost of Healthcare in Myrtle Beach?

Myrtle Beach excels in providing comprehensive healthcare services, ensuring residents have access to quality medical care. While healthcare costs may vary, the city maintains competitive prices compared to national averages and save residents on transportation costs, as almost all health needs can be met by reputtable facilities in the Myrtle Beach area, including the Little River Medical Center and McLeod Health. Residents can prioritize their health and well-being by taking advantage of preventative care initiatives and community resources.

What are Property Taxes in Myrtle Beach?

Buyers often ask about property taxes, but it's tough to give a straight answer because the calculation is pretty complex. It depends on factors like whether it's your main home or a second one, and where you live.

Here's a basic rundown: Property taxes are figured using something called the millage rate, which is like the tax per thousand bucks of your property's value. It’s a rate is set by elected officials.

Then there's the assessment ratio, which varies depending on what kind of property you have. For example, primary homes are usually assessed at 4%, while second homes and investment properties are assessed at 6%.

Your property's appraised value, determined by the local tax assessor, is multiplied by the millage rate and assessment ratio. Any tax credits you're eligible for get subtracted, and that's what you owe in property taxes.

For the average primary residence in the area around the $300,000 price point, homeowners can expect to pay approximately $1000-$1500 in property taxes. Keep in mind, this is only a rough estimate, the actual amount will depend on a multitude of factors.

For more on unique tax advantages for retirees, check out our Myrtle Beach Retirement Guide.

infographix expalining myrtle beach property tax owed equals appraised value times assessment ratio times millage rate minus any tax credits

What is the Cost of Home Insurance in Myrtle Beach?

Insurance costs vary greatly depending on the location of your home and specifics of the property. Due to coastal proximity, home insurance costs run higher in Myrtle Beach than other parts of the state. According to NerdWalletthe average annual rate of home insurance in Myrtle Beach for 2024 is $3,740, equivalent to monthly payments of $312.

Compare that home insurance cost to other cities around South Carolina:

  • Mount Pleasant, SC: $3,385 annually, $282/month
  • Charleston, SC: $3,270 annually, $273/month
  • Conway, SC (in the same county as Myrtle Beach, further from the coast): $2,705, $225/month
  • Greenville, SC: $1,630 annually, $136/month

Other Costs

  • Education Expenses: Families should budget for educational expenses, including private school tuition, extracurricular activities, and school supplies, based on their children's needs.
  • Recreation and Leisure: Budgeting for leisure expenses such as memberships, equipment rentals, and admission fees allows residents to enjoy the diverse recreational opportunities in Myrtle Beach.
  • Dining Out and Entertainment: With an array of dining options and vibrant entertainment scenes, residents can budget for restaurant meals, concerts, shows, and recreational outings to fully experience the Myrtle Beach lifestyle.
  • Home Maintenance and Repairs: Homeownership entails ongoing maintenance and repair costs. Budgeting for expenses like landscaping and unexpected repairs ensures properties remain in top condition.
  • HOA Fees: Residents in HOA-governed communities should inquire about monthly or annual fees covering services like landscaping and maintenance.

Final Thoughts

If you're considering buying your first home, relocating, or investing, Myrtle Beach stands out as an affordable option. By understanding the costs and budgeting carefully, you can be confident in your decision to make a move.

Ready to take the next step? Reach out to a Right Find Homes agent for expert guidance and find your dream home in Myrtle Beach or the surrounding area. Contact us today!

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Provided courtesy of the Coastal Carolinas MLS. Copyright 2024 of the Coastal Carolinas MLS. All rights reserved. Information is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the Coastal Carolinas MLS.

Listing information last updated on June 25, 2024 at 5:00 PM EST.

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