An Overview of Cost of Living in Myrtle Beach, SC
Understanding the cost of living in Myrtle Beach can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Myrtle Beach cost of living index is 105, which is 5% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
The cost of living in Myrtle Beach aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Myrtle Beach residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
What Do Locals Say About the Cost of Living in Myrtle Beach?
The real experts on a city are its residents. That's why we reached out to 23 locals to get their views on the cost of living in Myrtle Beach. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 48% found it budget-friendly with decreasing prices, while 52% said it's simply not affordable as prices have continued to rise.
Is Myrtle Beach Affordable?
Wondering if Myrtle Beach is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Myrtle Beach, for example, the median home price is 28.4% higher than what folks pay nationally, and monthly rent is 2.6% lower than the usual rates. Plus, income levels matter too, with Myrtle Beach boasting a median household income of $43,378, which is 21.6% lower than the national average.
What Factors can Influence the Cost of Living in Myrtle Beach?
Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Myrtle Beach, the general sales tax rate starts at 6%, and income tax rates begin at 0%.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Myrtle Beach, the healthcare costs are 11.3% lower than the national average.
Where is the Data From?
The cost of living data in Myrtle Beach displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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