Why This South Carolina Beach Town Is the Ultimate Retirement Destination | Global News Avenue

When you envision retirement, does it include walking out your front door and smelling the ocean air? If so, North Myrtle Beach, South Carolina might be worth exploring. In fact, one might say it’s a retirement hotspot, as residents over the age of 65 make up 38.6% of the population, and the average age of residents is 60.2.

Unlike Myrtle Beach, which sees an influx of vacationing crowds every year, North Myrtle Beach is less commercialized, quieter, and slightly more remote. However, it still has plenty to offer, including nine miles of beaches, opportunities for golfing and fishing, and plenty of shops and restaurants.

North Myrtle Beach is one of the most developed areas from a financial perspective. Affordable places to retire in the South as well as. Its median monthly housing cost is lower than the area median, while its property taxes are more affordable than some other areas in the country. Learn more about North Myrtle Beach.

Below average cost of living

One of the great things about settling in North Myrtle Beach is its relatively low housing costs. Our research found that the area’s median housing cost is $1,075, 8% lower than the Southland median of $1,163.

As of November 2024, the average home price in North Myrtle Beach is $390,750, which is also lower than the national median home price of $420,400. Given that the average income in North Myrtle Beach is $69,792, the income to home value ratio is 17.9%. Based on the national median income of $74,580, this is comparable to the national household income ratio of 17.7%.

If you’re planning to rent, you can also find affordable apartments in North Myrtle Beach, with rent starting at around $1,000 per month, which is lower than the national average of $1,394.

Why this is the key to an affordable retirement

If you are a homeowner, especially one who lives on your home fixed income After retirement, it’s important to keep housing costs under control. On average, retirees spend about 23% of their income on housing costs, making it their largest expense.

North Myrtle Beach’s lower median housing cost allows for more flexibility in your retirement budget, which is why (among other reasons) it ranks fifth on Investopedia’s Investopedia reason.The best places to retire in the South” Report.

Preferential tax treatment

South Carolina is one of many states with graduates income tax. This means there are a range of income tax brackets based on your income. While the range is 0% to 6.40%, most retirees will likely fall within the 6.40% range, as it applies to anyone earning $17,330 or more.

While South Carolina’s income tax rate isn’t necessarily the best in the country (especially considering a handful of states have no income tax), it’s far better than the top rates in places like New York (10.9%) and California (13.3%). For retirees relocating from such a high-tax area, moving to North Myrtle Beach can offer significant savings.

South Carolina ranks 11th in the nation for state and local tax burden, with a tax rate of 8.9%.

Why this is the key to an affordable retirement

When you’re living on retirement income, every dollar counts. If you can pay less tax, you can keep more of your income. That’s why when you calculate your retirement numbers, taxes can play a big role in where you ultimately decide to settle.

Of course, you need to consider everything, including your home expenses and taxes you pay in your current location and how much those costs might cost in the new area down the road.

Reasonable property tax burden

The county average property tax in North Myrtle Beach (in Horry County) is relatively manageable at 0.36%. This means that for a home valued at $390,755, your annual property taxes would be $1,407.

Why this is the key to an affordable retirement

Even if you don’t have a mortgage when you buy your home, you still need to pay property taxwhich tends to increase over time. Ask anyone in states like New Jersey or Connecticut and they will attest that their property taxes make up a large portion of their expenses.

Choosing a county with property taxes you can afford can free up more retirement income to spend on the things that matter to you.

Other Amazing Benefits for Retirees in North Myrtle Beach, SC

As a small town with a population of just 18,790 people, North Myrtle Beach may get some attention, but if you’re dreaming of retiring by the ocean, this is a missed opportunity. The climate is mild year-round, with winter temperatures rarely falling below freezing. Of course, it’s hard not to go on and on about the beaches of North Myrtle Beach (even the names!) because they’re beautiful, but rest assured: there’s more to life in this town than sun, surf, and sand.

North Myrtle Beach includes four major family-friendly communities: Cherry Grove, Windy Hill, Ocean Drive and Crescent Beach. Barefoot Landing is an entertainment and activity center for residents, with live entertainment, numerous dining options, and shopping. When you feel like venturing out, check out attractions in the Myrtle Beach area.

Something else to consider in your later years: There are many medical centers and hospitals nearby, including Grand Strand Medical Center, to ensure you have the healthcare support you need as you age.

bottom line

If you are a beach and golf lover, or you have been to Myrtle Beach and enjoyed it as a visitor, consider visiting North Myrtle Beach in your retirement. It offers coastal charm and beach town amenities without the crowds and high fees common in other seaside locations.

From a financial perspective, North Myrtle Beach may also be a good choice for you due to its lower median housing cost and overall tax benefits. In short, your pension and Social Security funds will be stronger here than elsewhere.

methodology

selected location The South’s Best Places to Retire in 2024 List selected from Southern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia) for all census-designated places. Median household income and monthly housing cost estimates are based on data collected across the South from the 2022 American Community Survey (5-year period). Places with large errors in estimates were removed from the initial list.

The final list of locations was selected through an evaluation of:

1. Housing affordability relative to the South (how monthly housing costs in each location compare to the weighted average of Southern states);
2. Median income for each locality (as a proxy for taxes that may be associated with community resources; and
3. Personal reports on proximity to parks or shorelines, recent changes in the community, and those highlighted in previous Southern Living reports this Best place to retire.