If you're thinking about moving to Myrtle Beach—or deciding between here and another coastal market like Florida, Charleston, or Wilmington—your budget is probably front and center. And for good reason: coastal living comes with big perks, but it can also feel unpredictable when it comes to taxes, insurance, and everyday costs.
The good news? Myrtle Beach often delivers the same ocean living at a noticeably lower overall cost. Below, we break down the numbers, the neighborhoods, and the realities so you can confidently compare your options.
1. Cost of Living: Myrtle Beach vs. Florida, Charleston & Wilmington
When people compare destinations, they’re usually leaning on calculators like Bankrate’s Cost of Living Calculator (link provided). While each city varies, a few patterns stand out:
Myrtle Beach
Myrtle Beach consistently ranks as one of the more affordable coastal metros in the Southeast. Housing remains the biggest advantage—especially in areas like Carolina Forest, Conway, and the Market Common district, where buyers can stretch their budget further than in many competing coastal cities.
Florida Coastal Cities (Tampa, Jacksonville, Sarasota)
Florida can be a wild card. Some cities (like Jacksonville) are comparable to Myrtle Beach, but many popular coastal zones—Sarasota, Naples, West Palm—come with significantly higher home prices and overall living costs. Even groceries and utilities trend 10–15% above Myrtle Beach in many locations.
Charleston, SC
Charleston is a beautiful market with historic charm—but also one of the most expensive housing markets in the Carolinas. Cost of living overall can run 20–30% higher than Myrtle Beach, with housing and insurance being the primary culprits. Even everyday expenses like dining and transportation are pricier.
Wilmington, NC
Wilmington sits in the middle: more affordable than Charleston but still pricier than Myrtle Beach. Its growth around areas like Riverlights and Leland has pushed housing costs upward. Cost of living is typically 5–12% higher than Myrtle Beach depending on neighborhood and lifestyle.
Bottom Line: Myrtle Beach often provides the best value for coastal living—particularly when balancing cost of living with lifestyle perks along the Grand Strand.
2. Property Taxes: South Carolina’s Advantage
South Carolina is known for some of the lowest property taxes in the nation—and Horry County is one of the lowest within the state. According to the SC Department of Revenue (linked in your request), owner-occupied homes qualify for a 4% assessment ratio, while second homes or investment properties are taxed at a 6% ratio.
Myrtle Beach / Horry County
Among the lowest effective property tax rates in South Carolina
Generous exemptions for primary residents
Example: A $400,000 primary residence often has significantly lower taxes here than in Charleston or Wilmington
Charleston County
Charleston’s property taxes aren’t high by national standards, but because home prices run steep, annual tax bills are noticeably higher. A similarly priced home may cost 20–40% more in annual taxes than in Myrtle Beach.
Wilmington (New Hanover County)
Property taxes are higher than Myrtle Beach but still moderate compared to Florida. Rates vary based on municipal add-ons.
Florida
Florida markets range dramatically. Some areas offer attractive tax rates thanks to the Homestead Exemption, but many coastal regions have higher assessed values, offsetting savings. For snowbirds or second-home owners, Florida loses part of its tax advantage since its protections apply to primary residents only.
Key Takeaway: If property taxes are a major part of your decision-making, Myrtle Beach is often the most budget-friendly option—especially for retirees, permanent residents, and those seeking new construction.
3. Home Insurance: The Coastal Wildcard
Home insurance is where Myrtle Beach, Florida, Charleston, and Wilmington start to diverge sharply.
Myrtle Beach
Insurance rates have increased (as they have across the Southeast), but they remain comparatively moderate. Many Grand Strand communities benefit from being slightly inland or protected by dunes and elevation changes—not to mention building codes that have steadily improved.
Florida
Florida’s insurance market is famously volatile. Premiums can be 2–4x higher than comparable coverage in Myrtle Beach, with some carriers no longer writing new policies at all. Even newer homes can face high premiums thanks to statewide hurricane risk.
Charleston
Insurance in Charleston trends higher than Myrtle Beach due to exposure, older housing stock, and historically higher claims. Flood insurance can be a meaningful added expense, especially downtown or near tidal creeks.
Wilmington
Wilmington insurance sits between Charleston and Myrtle Beach. Some areas are very budget-friendly; others require wind & hail policies and flood insurance add-ons.
Insurance Takeaway: Florida is the most expensive by a wide margin; Charleston and Wilmington sit in the middle; and Myrtle Beach routinely offers more favorable premiums—especially for new-build communities such as those around Carolina Forest and the Market Common.
4. Housing Affordability: The Grand Strand Advantage
Housing is the biggest cost-of-living differentiator nationwide, and Myrtle Beach continues to offer a strong value proposition.
Why Myrtle Beach Wins on Housing
New-construction communities at attainable price points
Expansive land availability compared to Charleston or coastal Florida
Lower property taxes = lower monthly payment
Strong rental and resale demand
In areas like Carolina Forest and Conway, buyers can find spacious new homes for the price of older or smaller homes in Charleston or Wilmington. Florida’s coastal markets are even more competitive, and prices fluctuate rapidly with demand and insurance costs.
5. Everyday Living Costs: The Quiet Saving Category
Even small expenses add up—especially when comparing long-term cost of living.
Myrtle Beach Tends to Have Lower Costs For:
Groceries
Gas
Dining out (tourist zones excluded)
Utilities
Healthcare
Charleston & Wilmington
Both cities tend to have higher food, service, and utility costs due to demand and infrastructure strain.
Florida
Florida’s overall cost-of-living can be competitive, but insurance and housing tend to overshadow these smaller savings.
Practical Takeaway: Daily life in Myrtle Beach is simply more affordable, especially outside peak tourist corridors.
6. Myrtle Beach Lifestyle Value: What You Get for the Money
Numbers matter—but lifestyle does, too.
Choosing Myrtle Beach means:
60 miles of coastline along the Grand Strand
Strong medical network (including Conway Medical & Grand Strand Medical Center)
Lower congestion than Charleston or South Florida
Easy access to recreation like the Market Common, waterway trails, and golf
Lower stress with lower daily expenses
You still get beaches, food, culture, and outdoor living—without the sticker shock.
Ready to Compare Your Move More Clearly?
If you're considering a move to Myrtle Beach—or weighing your options against Charleston, Wilmington, or Florida—Carolina Crafted Homes can walk you through real numbers, real neighborhoods, and real monthly cost comparisons.
Schedule a consultation today, and let’s find a home that fits both your lifestyle and your budget.
FAQs
1. Is Myrtle Beach cheaper than Charleston?
Generally, yes. Charleston’s housing market is significantly more expensive, and insurance and daily costs tend to be higher. Myrtle Beach offers more affordable neighborhoods—especially in Carolina Forest, Conway, and around the Market Common—along with lower property taxes. Many buyers report saving 15–30% overall when choosing Myrtle Beach over Charleston.
2. How do Myrtle Beach property taxes compare to Florida?
South Carolina has some of the lowest property taxes in the U.S., and Horry County is among the lowest in the state. Florida offers strong homestead benefits, but high home values and insurance costs often offset savings. Second-home owners especially find better tax advantages in Myrtle Beach.
3. Why is insurance so expensive in Florida compared to South Carolina?
Florida faces high hurricane activity, rising claims, and limited insurance carriers, driving premiums up significantly. In contrast, Myrtle Beach benefits from a more stable insurance market, newer construction standards, and lower overall coastal risk profiles—resulting in noticeably lower premiums.
4. Is the cost of living in Myrtle Beach lower than Wilmington?
Yes—typically by 5–12%, depending on lifestyle and neighborhood. Housing and insurance are the biggest savings categories, and everyday costs like dining and utilities are generally lower along the Grand Strand.
5. Is Myrtle Beach a good option for retirees?
Absolutely. Retirees benefit from low taxes, moderate insurance costs, affordable new construction, and plenty of recreation nearby. Areas like Market Common and Carolina Forest are especially popular for active adults seeking value and convenience.
