Imagine retiring to a place where the ocean air greets you every morning. North Myrtle Beach, South Carolina, could be that ideal destination. With 38.6% of its population over 65 years old and an average age of 60.2, it’s a retirement hotspot.
Unlike its more commercial counterpart, Myrtle Beach, North Myrtle Beach offers a quieter, less crowded experience while still providing access to a nine-mile beach, golfing, fishing, and numerous shops and restaurants.
From a financial standpoint, North Myrtle Beach is an affordable retirement option in the South. Its median monthly housing costs are lower than the regional median, and property taxes are more manageable than in many other parts of the country.
Key Takeaways:
– North Myrtle Beach is quieter and more affordable than nearby Myrtle Beach, making it an attractive retirement location.
– The median housing cost in North Myrtle Beach is 8% lower than the South’s median, at $1,075.
– South Carolina’s state and local tax burden, as well as property tax, are more affordable compared to many other states, which is retirement budget-friendly.
Below-Average Cost of Living:
One of the main benefits of North Myrtle Beach is its low housing costs. The median housing expense is $1,075, which is 8% lower than the South’s median of $1,163.
The average home value in North Myrtle Beach is $390,750, below the national median of $420,400. With a median income of $69,792, the income-to-home value ratio is 17.9%, aligning with the national ratio of 17.7%.
For renters, North Myrtle Beach offers affordable apartments starting at about $1,000 per month, lower than the national median rent of $1,394.
Why This Matters for Affordable Retirement:
For homeowners, especially those on a fixed income, keeping housing costs low is crucial. Retirees typically spend about 23% of their income on housing, making it the largest expense.
North Myrtle Beach’s lower median housing costs provide budget flexibility, contributing to its No. 5 ranking in apexfinancialpath’s “Best Places To Retire in the South” report.
Tip:
If you’re considering buying property in North Myrtle Beach, ensure you get the best mortgage rate possible.
Favorable Tax Treatment:
South Carolina has a graduated individual income tax system with a range of brackets based on income, from 0% to 6.
Discover why North Myrtle Beach, South Carolina, is the ultimate retirement destination. With a majority of retirees likely falling into the 6.40% tax bracket, South Carolina’s income tax rate is more favorable compared to high-tax states like New York and California. This can result in significant savings for those relocating from such areas.
South Carolina ranks 11th in the nation for state and local tax burdens, with an 8.9% rate. When living on a retirement income, every dollar saved on taxes is crucial. Taxes play a vital role in determining where to retire, considering household expenses and the cost differences between current and prospective locations.
North Myrtle Beach, located in Horry County, boasts a manageable average county property tax rate of 0.36%. On a home valued at $390,750, annual property taxes would amount to just $1,407. Affordable property taxes are essential for an affordable retirement, allowing retirees to allocate more income to their priorities.
Beyond financial considerations, North Myrtle Beach offers a mild year-round climate and stunning beaches. With a population of 18,790, it includes family-friendly neighborhoods such as Cherry Grove, Windy Hill, Ocean Drive, and Crescent Beach. Barefoot Landing serves as the hub for entertainment, dining, and shopping.
North Myrtle Beach is also the birthplace of the Shag dance, now the official state dance of South Carolina. For health care, numerous medical centers and hospitals, including Grand Strand Medical Center, are nearby, ensuring retirees have access to the medical support they need.
Are you a beach and golf enthusiast? Have you previously enjoyed Myrtle Beach as a tourist? If so, North Myrtle Beach should be on your radar for retirement. It boasts coastal charm and beach town amenities without the usual crowds and high expenses associated with other beachfront areas.
From an economic perspective, North Myrtle Beach is an attractive choice with its lower median housing costs and overall tax-friendliness. This means your pension and social security funds will go further here than in many other places.
The selection process for the 2024 South’s Best Places To Retire list was meticulous. It included all Census Designated Places in southern states: Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia. Median household income and monthly housing cost estimates were sourced from the 2022 American Community Survey (5-year) for each place in the South. Places with large margins of error were excluded from consideration.
The final list was curated by considering three main factors:
– Housing affordability relative to the South, comparing each place’s monthly housing costs with a weighted average for states in the South;
– Median income in each place, serving as a proxy for taxes collected which may be related to community resources;
– Individual reporting on proximity to parks or coastlines, recent changes in the community, and previous reporting highlighting the best places to retire.