Cost of Living in North Myrtle Beach, SC

An Overview of Cost of Living in North Myrtle Beach, SC

Are you thinking about relocating, but curious about the potential cost of living in North Myrtle Beach? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in North Myrtle Beach stands at 112, making it 12% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing costs are a very significant part of the North Myrtle Beach cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 39.4% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in North Myrtle Beach?

The real experts on a city are its residents. That's why we reached out to 6 locals to get their views on the cost of living in North 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. 100% found it budget-friendly with decreasing prices, while 0% said it's simply not affordable as prices have continued to rise.

Is North Myrtle Beach Affordable?

Is North Myrtle Beach an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in North Myrtle Beach is 49.2% higher than the national average, while the average monthly rent prices are 16.4% higher than average. The affordability of any location can also be influenced by median income levels. North Myrtle Beach has a median household income of $61,390, which is 11% higher than the national average.

What Factors can Influence the Cost of Living in North Myrtle Beach?

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In North Myrtle Beach, healthcare costs are 11.3% lower than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In North Myrtle Beach, the transportation index is 12.1% lower than the national average.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Where is the Data From?

The North Myrtle Beach cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.