Homes for Sale in Myrtle Beach, SC with Single Story | realtor.com® (2024)

FAQs

Why is real estate so cheap in Myrtle Beach? ›

This geographical advantage contributes to the overall affordability of housing in the region. Tourism and Seasonal Economy: Myrtle Beach is a renowned tourist destination, attracting millions of visitors each year. While this boosts the local economy, it also leads to a seasonal nature of employment.

Is it a buyer's or seller's market in South Carolina? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 7.1%, making the average house payment $2,611, which is $10 higher than a year before.

Low Tax Rates:

South Carolina boasts one of the lowest tax burdens in the nation. The state has a relatively low income tax rate, with a maximum rate of 7% for individuals. Additionally, property taxes in South Carolina are among the lowest in the country, providing homeowners with significant savings.

The national financial magazine ranked the city the second best to live in South Carolina for 2024, topped only by Charleston. Some of the reasons Myrtle Beach made the top 10 list include its affordability as a beach town, its “encouraging job sector for year-round residents,” and its mild winters.

According to the Living Wage Calculator, a single person in South Carolina needs to earn approximately $16.73 per hour, or $34,806 annually, to meet their basic needs. For a family of four with one adult working, the living wage increases to $36.52 per hour or $75,964 annually.

The cost of living in Myrtle Beach, SC is -11.1% lower than in Sarasota, FL. You would have to earn a salary of $53,350 to maintain your current standard of living. Employers in Myrtle Beach, SC typically pay -5.2% less than employers in Sarasota, FL.

Florence is one of the cheapest city to live in South Carolina. The cost of living in this city is 20.4% lower than the national average. Housing is also very affordable at rent averaging $1,300. Apart from this, Transportation costs is 22.2% lower than the national average.

Benefits of Moving from Florida to South Carolina

First, let's consider the financial aspect. South Carolina offers a more affordable lifestyle compared to Florida. The cost of living index for South Carolina is 89.3, marginally less than Florida's 103.1.

$27,800 is the 25th percentile. Salaries below this are outliers. $38,000 is the 75th percentile.

What should you avoid in Myrtle Beach, SC? Avoid staying in any small motels along Flagg Street, they're usually filled with shady characters who stay long term. And stay away from the Lazy G, Town Square on Kings Highway, and any small motels you see that don't have security.

What is the nicest part of Myrtle Beach? ›

The South Strand is a laid-back area of Myrtle Beach that offers the perfect place for a relaxing vacation. This area is perfect for a slow-paced getaway, prioritizing front porch swings and breezy hammocks on the white sand beaches.

Based on all homes sold in the last 12 months. Homes in Myrtle Beach have sold for 1.6% more than they did a year ago. Summary: The median home sold price in Myrtle Beach was $319,799 in July 2024, up 1.6% from last year, and the median price per square foot was $212.

Myrtle Beach Investment Property for Sale - 2024 Rental Home Appreciation. The Myrtle Beach real estate market offers many good investment opportunities for real estate investors. It's an affordable market with high home price appreciation and demand for long-term and short-term vacation rentals.

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.

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.