Myrtle Beach cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexMyrtle BeachSouth CarolinaNational
Cost of living index9997100
IndexMyrtle BeachSouth CarolinaNational
Goods & Services index99105100
Groceries index103105100
Health care index113101100
Housing index9380100
Transportation index10196100
Utilities index100107100
A general overview of the cost of living index for Myrtle Beach, SC is displayed above. In Myrtle Beach, SC, the overall cost of living index is 99, which is 2% higher than the South Carolina average and 1% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Myrtle Beach, SC, the city's goods and services are 6% lower than the South Carolina average and 1% lower than the U.S. average.

Did you know?

  • The cost of living in Myrtle Beach is 2% higher than the South Carolina average.
  • The cost of living in Myrtle Beach is 1% lower than the national average.
  • The cost of housing in Myrtle Beach is 7% lower than the national average.
  • South Carolina general sales tax is 18% higher than the national average.
  • South Carolina state income tax is 100% lower than the national average.

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Compare Myrtle Beach, SC Cost of living To Other Cities

Salary Calculator

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Health care index
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The salary calculator allows you to compare how much your current salary in Myrtle Beach, SC would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Myrtle Beach, SC, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Myrtle Beach, SC salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$53,754$4,480$1,254$1,613
Renters$25,841$2,153$603$775
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Myrtle Beach, SC, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Myrtle Beach, SC has a median income of about $53,754 for people who own homes. Based on that number, a person should spend a maximum of $1,254 on expenses related to housing. Renters have a slightly different median income, which is $25,841. Based on this average, renters should spend no more than $603 on all of their rental costs if they want to maintain a non-impoverished standard of living.

South Carolina Sales Tax

StateGeneral Sales TaxWith Max Surtax
South Carolina6%9%

South Carolina Income Tax

StateIncome Tax (Low)Income Tax (High)
South Carolina0%7%
The South Carolina sales tax and South Carolina income tax rates should definitely be considered when determining the overall cost of living in Myrtle Beach, SC. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The South Carolina sales tax is 6% and the maximum surtax is 9%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The South Carolina income tax rates range from 0% to 7%.

Goods & Services

ItemMyrtle BeachNational avg.Difference
Haircut $14.22$15.568.6%
Beauty Salon $41.53$36.1115.0%
Toothpaste $2.12$2.4714.3%
Shampoo $1.00$0.963.3%
Movie $11.29$10.1311.5%
Bowling $3.90$4.7417.7%

Groceries

ItemMyrtle BeachNational avg.Difference
Ground Beef $4.72$3.9818.5%
Fried Chicken $1.36$1.413.1%
Milk $1.97$2.064.5%
Potatoes $3.34$2.9812.0%
Pizza $9.13$9.473.6%
Beer $8.69$8.791.1%

Health Care

ItemMyrtle BeachNational avg.Difference
Optometrist $110.28$101.049.1%
Doctor $140.44$107.4430.7%
Dentist $101.50$90.4212.3%
Ibuprofen $8.83$9.284.9%
Lipitor $427.77$426.500.3%

Housing

ItemMyrtle BeachNational avg.Difference
Home Price $167,000.00$175,700.005.0%
Avg. Mortgage Payment $958.55$1,133.2315.4%
Apartment Rent $822.00$920.0010.7%

Transportation

ItemMyrtle BeachNational avg.Difference
Gasoline $1.96$1.991.6%
Tire Balancing $48.95$45.767.0%

Utilities

ItemMyrtle BeachNational avg.Difference
All Electricity$167.71$163.812.4%
Phone $28.00$28.391.4%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Bucksport, SC76086-14%
Atlantic Beach, SC26788-12%
Garden City, SC8,82493-7%
Conway, SC18,64594-6%
Socastee, SC20,49696-4%
Myrtle Beach, SC28,45599-1%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Prairieville, LA28,4651033%
Kaysville, UT28,4801055%
Nicholasville, KY28,48391-9%
Lansing, IL28,4861011%
Garfield Heights, OH28,49289-11%
Myrtle Beach, SC28,45599-1%
Source: The Myrtle Beach, SC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.