Both visitors and retirees like visiting Myrtle Beach, South Carolina. It’s no surprise that so many people choose to call this city home given that it is known for its stunning beaches, pleasant climate, and exciting nightlife. It’s crucial to comprehend the cost of living in Myrtle Beach before moving, though. This post will outline the costs you may anticipate and offer details on how much it costs to live in this well-known South Carolina location. Housing expenses
Living in Myrtle Beach will need you to spend a lot of money on housing. The average price of a home in Myrtle Beach, as determined by Zillow statistics, is $215,000. A one-bedroom apartment should cost about $1,200 per month to rent. Prices, however, can change based on the location and facilities. Taxes on real estate
Property taxes in South Carolina are among the lowest in the nation, however the actual amount will vary depending on the county you reside in. The property tax rate in Horry County, where Myrtle Beach is situated, is 0.459%. For instance, you might anticipate paying about $987 in property taxes a year if your house has a market worth of $215,000. Taxes on income
The income tax system in South Carolina is progressive, so the more you make, the more of it you’ll have to pay in taxes. Income tax rates in the state range from 0% to 7%. But in South Carolina, Social Security benefits are exempt from state taxes, which can be a big help to retirees. Weekend Tax-Free Days Typically in August and November, South Carolina offers two tax-free weekends where you can buy qualified items without paying sales tax. Clothing, school supplies, and laptops are all exempt from sales tax over certain weekends. The South Carolina Department of Revenue’s website has a list of eligible items, but it’s crucial to keep in mind that not all items qualify for the exemption.
In conclusion, Myrtle Beach, South Carolina’s cost of living is reasonable compared to those of other well-liked American cities. However, costs like housing, property taxes, and income taxes can mount up, just like in any city. Before relocating to Myrtle Beach, it’s crucial to conduct research and develop a budget that takes into account your way of life and financial status.
Customers in South Carolina don’t have to pay sales tax when buying clothes, shoes, school supplies, laptops, and several bed and bath products. The South Carolina Department of Revenue’s website has a complete list of qualifying items, however there are some restrictions and exclusions.