Do not fret if you are considering retiring at Myrtle Beach but are worried about high expenses and cost of living. Many people choose to retire to Myrtle Beach for the low cost of living, warm coastal ambiance, and some of the best golf courses in the world. South Carolina has no tax on social security benefits and provides a generous deduction on retirement income when calculating state income tax. State income tax and property taxes are also very low, as the latter is calculated on just four to six percent of the market value of the home. As a total package of housing, taxes, utilities and daily living expenses, Myrtle Beach is one of the most affordable cities to live in, as Myrtle Beach residents receive an astounding 88 percent property tax credit.
See why others say Myrtle Beach is the best place to retire. Read on for some cost estimates in the different aspects of living so that you can gain a useful overview!
The average rent for an apartment in Myrtle Beach is $1,401. The cost of rent varies depending on several factors, including location, size, and quality. On Myrtle Beach, the average size for an apartment is 975 square feet, with variations on unit type, or economic and luxury alternatives. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer more generous square footage. In comparison to other cities in South Carolina, Myrtle Beach is not the cheapest, but it is not the most expensive either. Apartments in Mount Pleasant, for instance, can reach up to $1869 monthly.
Lower than Average Gas and Electricity Rates
Myrtle Beach averages a residential electricity rate of 11.54 cents per kilowatt hour, which is 13.21% lower than South Carolina’s average rate of 13.30 cents. It is also 17.49% lower than the US average of 13.99 cents. This is even though customers in Myrtle Beach use about 9 times more electricity than the city produces.
Across the board, South Carolina also enjoys lower gas prices than the national average. The year-ago average was $2.868 for regular gas while the national average was $3.144.
Below Average Cost of Living Index
Cost of living indices are based on a US average of 100. An amount below 100 means that Myrtle Beach is cheaper than the US average. A cost of living index above 100 means Myrtle Beach, South Carolina is more expensive. As of 2022, Myrtle Beach has a cost of overall living index of 84.8, 64.8 for housing, 79 for transportation, 97.1 for groceries, and 98.8 for health care costs. The median home cost is also far lower than the national average, at $218,700 to $291,700.
At our retirement community at TerraBella Myrtle Beach, we provide all-inclusive pricing that puts your mind at ease. This means that you don’t need to worry about groceries expenses, rentals, household maintenance costs, and many other expenses that increase financial anxiety. Schedule a tour with us today to find out more!