In this article, we will explore the cost of living in Myrtle Beach and whether it is considered expensive or affordable. We’ll take a look at factors such as housing, utilities, transportation, and other everyday expenses to give you an idea of what to expect. By the end, you’ll have a better understanding of whether Myrtle Beach is an expensive place to live and if it fits within your budget. So, let’s get started!
Cost of Housing
Average rent prices
When it comes to the cost of housing in Myrtle Beach, you’ll be glad to know that it is relatively affordable compared to many other popular beachfront destinations. The average rent prices in the area tend to be lower than the national average, making it an attractive place to consider for long-term residence.
For a one-bedroom apartment in Myrtle Beach, you can expect to pay around $900 to $1,200 per month, depending on the location and amenities. For a two-bedroom apartment, the prices range from $1,200 to $1,700. These figures may vary slightly depending on the specific neighborhood and proximity to the ocean.
Cost of purchasing a home
If you’re considering purchasing a home in Myrtle Beach, you’ll find that the housing market offers a variety of options to suit different budgets. The median home price in the area is around $200,000, which is significantly lower than the national average. This affordability makes it an attractive destination for those looking to become homeowners.
Of course, the cost of purchasing a home can vary depending on the size, location, and condition of the property. You can find smaller, older homes for under $150,000, while larger, newer properties or those closer to the beach can range from $300,000 to over a million dollars. Overall, Myrtle Beach offers a range of housing options to accommodate various budgets and preferences.
Utilities and Services
Electricity and water bills
When it comes to utilities and services, Myrtle Beach residents can expect to pay similar rates to those found in other areas of the country. On average, electricity bills range from $100 to $200 per month, depending on the size of the home and energy consumption habits. Water bills average around $50 per month.
Internet and cable services
In terms of internet and cable services, there are several providers to choose from in Myrtle Beach. The cost of these services can vary depending on the provider and package you choose. On average, you can expect to pay around $50 to $100 per month for internet, and an additional $50 to $100 for cable or satellite TV packages.
Garbage collection fees
Garbage collection is typically included in property taxes or HOA fees in Myrtle Beach, so residents do not have to worry about separate garbage collection fees. This is a convenient feature that helps keep the overall cost of living more affordable.
Home maintenance costs
Home maintenance costs can vary depending on the age and condition of your home. It’s important to factor in routine maintenance and unexpected repairs when budgeting for homeownership. On average, homeowners can expect to spend around 1% to 3% of their home’s value on annual maintenance costs.
Transportation
Public transportation fares
Myrtle Beach does have a public transportation system, known as the Coast RTA, that offers bus services throughout the area. The cost of a one-way fare is $1.50, with discounts available for seniors, students, and disabled individuals. Monthly passes are also available for $40.
Gasoline prices
Gas prices in Myrtle Beach are typically lower than the national average. As of [current year], the average price for a gallon of gasoline is around $2.50. This affordability is a bonus for those who rely on personal vehicles for transportation.
Food and Groceries
Average cost of a meal at a restaurant
The cost of dining out in Myrtle Beach can vary depending on the type of restaurant and the menu items you choose. On average, you can expect to spend around $10 to $15 for a casual meal at a fast-food or chain restaurant. For a mid-range restaurant, prices typically range from $15 to $30 per person. Upscale dining options can cost $30 or more per person.
Grocery store prices
When it comes to grocery shopping, Myrtle Beach offers a variety of options from budget-friendly stores to upscale supermarkets. The cost of groceries in the area is generally in line with the national average. However, keep in mind that prices may fluctuate depending on the specific products and brands you prefer.
Healthcare
Doctor consultation fees
The cost of healthcare in Myrtle Beach is generally lower compared to many other cities in the United States. Doctor consultation fees can vary depending on the type of healthcare provider and insurance coverage. On average, a routine doctor’s visit can cost around $100 to $200 without insurance, but this cost can be significantly reduced with insurance coverage.
Health insurance costs
Health insurance costs can vary greatly depending on the type of coverage you choose, whether it’s through an employer or individual plan. It is recommended to research and compare different insurance plans to find one that fits your needs and budget.
Education
Tuition fees for public schools
Public education in Myrtle Beach is provided by the Horry County Schools district. Tuition fees for public schools are funded through property taxes, so there is no direct cost for residents. This makes Myrtle Beach an affordable option for families looking to provide their children with a quality education.
Private school costs
For those who prefer private education options, Myrtle Beach offers a selection of private schools with varying tuition fees. Tuition costs can range from a few thousand dollars per year to tens of thousands, depending on the school and grade level.
Recreation and Entertainment
Movie ticket prices
Going to the movies in Myrtle Beach is an affordable form of entertainment. On average, movie ticket prices range from $8 to $12, depending on the theater and time of day. Discounts may also be available for matinees, seniors, and children.
Cost of joining a gym
If you’re into fitness and want to join a gym in Myrtle Beach, you’ll find that there are several options to choose from. Monthly gym memberships typically range from $20 to $60, depending on the facilities and services offered.
Taxes
Property taxes
Property taxes in Myrtle Beach are relatively low compared to many other areas of the country. The exact amount of property taxes you will pay depends on the assessed value of your property and the local tax rate. On average, property tax rates range from 0.4% to 1.0% of the property’s assessed value.
Sales taxes
The sales tax rate in Myrtle Beach is 8%, which is the same as the state of South Carolina’s sales tax rate. This rate applies to most goods and services purchased within the city.
Cost of Living Index
Comparison with other cities
When comparing the cost of living in Myrtle Beach to other cities in the United States, you’ll find that it is generally more affordable. The Cost of Living Index takes into account factors such as housing, utilities, groceries, transportation, and healthcare. Myrtle Beach typically scores lower on the index compared to popular coastal cities like Miami or San Francisco.
Factors influencing the index
Several factors contribute to Myrtle Beach’s affordability, including the relatively low cost of housing, utilities, and food. Additionally, the lack of state income tax in South Carolina helps keep the overall cost of living more affordable for residents.
Conclusion
Overall, Myrtle Beach offers an affordable cost of living without compromising on quality of life. Whether you choose to rent or buy a home, the housing options are plentiful and affordable. Utilities and services are in line with national averages, and transportation costs are reasonable. Healthcare, education, and recreation options are also accessible without breaking the bank. When compared to other coastal cities, Myrtle Beach proves to be a budget-friendly destination that still offers a high quality of life. So, if you’re wondering if it’s expensive to live in Myrtle Beach, the answer is no – it’s quite the opposite!
