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3 Ways People Save More by Relocating to Myrtle Beach

Buying Real Estate

3 Ways People Save More by Relocating to Myrtle Beach

Every year thousands of people from around the world decide to call Myrtle Beach their forever home. Between 2017 and 2018 alone, more than 17,000 people moved to the Myrtle Beach area, representing a nearly 4 percent growth. There are plenty of reasons people might be attracted to the Grand Strand. The weather is warm, the people are friendly, and the beach goes on for miles (60-miles to be exact). There is one draw to the area, however, that drives people to relocate more than any other. Myrtle Beach consistently ranks as one of the most cost-effective cities in the United States.

According to the ACCRA Cost of Living Index, the cost of living in Myrtle Beach is 6% lower than the national average. Every quarter ACCRA compiles and publishes its Cost of Living Index, a comparison of the cost of living in more than 300 cities and areas across the country. Participating agencies such as chambers of commerce collect prices on nearly 60 different products and services. On average people living in Myrtle Beach pay 6% less on basic expenditures than people living in similar coastal communities, such as Virginia Beach, VA and Charleston, SC.

There are many different factors that drive these numbers, but for the sake of time we are only going to highlight three key areas where Myrtle Beach residents save more.

Taxes:

As certain as death, taxes are a fact of life no matter where you live. If you live in Myrtle Beach, SC, however, you have a little less to worry about every Tax Day. South Carolina as a state has one of the lowest tax rates in the country. State income tax tops out at 7% with a state wide sales tax of around 6%. The real estate tax in South Carolina is only .57%, the 5th lowest real estate tax in the nation. What’s more, Horry county has the lowest tax rate in the state of South Carolina with 0% county sales tax. This means that people who relocate to Grand Strand pay the lowest taxes in a state that already has one of the lowest tax rates in the country. That translates to less money out of your paycheck and more money in the bank.

Real Estate:

Whether you’re purchasing a second home or looking to make the area your permanent residence, Myrtle Beach offers exceptional home values. On average people relocating to Myrtle Beach pay 26% less on housing than the national average with a median home value of $150,500. As more people continue relocate to the Myrtle Beach area, analysts predict steady growth in the value of our homeowner’s investment. According to Zillow, Myrtle Beach home values have gone up 6.2% over the past year with a predicted growth pattern of an additional 3.3% within the next year.

Economic Development

The Myrtle Beach area offers a plethora of strategic benefits that allow anyone looking to relocate a business or company strong advantages over their competition. These benefits include: the area’s business-friendly tax environment and a diverse workforce that is over 117,000 strong in Horry County alone. Worksman Cycles, America’s oldest bicycle manufacturer, in 2015 invested $2.5 million in its Horry County location. “The choice of Horry County was easy, as it stood head and shoulders above every other location we visited,” said Worksman Cycles’ President, Wayne Sosin.

Whether you’re relocating for business or simply looking for the perfect place to retire, a home in Myrtle Beach is a wise investment. Whether you’re buying or selling, go with your friends at Better Homes and Gardens Real Estate Elliott Coastal Living—local heritage with a national brand name!

Kyle earned his Masters and Bachelors Degrees from the University of Alabama. A native of the Upstate, Kyle fell in love with the Grand Strand as a child during summer vacations with his family. A passionate writer, reader and world traveler, he can always be found on the beach with his head in the clouds and a book in his hands.

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