Cost of Living in Myrtle Beach
Myrtle Beach's cost of living presents a real, disclosed tension rather than a single number: home prices run roughly 32% below the national average per Redfin, but the city's own median household income ($53,679) runs well below the county ($64,623), state ($66,818), and national ($78,538) figures -- meaning affordability looks different depending on whether it's measured against national benchmarks or against what Myrtle Beach residents themselves actually earn.
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Learn moreHousing: Genuinely Below the National Average, in a Real Buyer's Market
Redfin's rolling three-month median sale price through June 2026 was $258,000, down 5.4% year-over-year and about 32% below the national median. This sits inside a real, current buyer's market: homes take a median 121 days to sell and receive about 1 offer on average -- a genuinely slower, less-competitive market than many of the metros covered elsewhere in this project. Zillow's differently-methodologized home-value estimate for the same period ran higher, at $323,460 -- both figures are disclosed rather than reconciled to one number; see the housing-market topic page for the full picture.
The Real Income Gap Behind the Affordable Headline
Myrtle Beach's city-level median household income ($53,679, ACS 2019-2023 5-Year Estimates) runs meaningfully below Horry County's ($64,623), South Carolina's statewide figure ($66,818), and the U.S. median ($78,538). This is a real, disclosed tension: home prices are genuinely low relative to the *national* market, but the local income base used to afford them is also genuinely low -- this pass did not further decompose how much of that gap reflects the area's large population of retirees on fixed income, seasonal/tourism-wage workers, and remote workers with outside income, versus a lower cost structure overall.
Restaurant and Hospitality Taxes Add a Real, City-Specific Premium
As detailed on the moving and taxes topic pages, Myrtle Beach's 1.5% city hospitality tax pushes total restaurant-meal tax to 11.5% inside city limits -- a real, tourism-economy-driven cost layered on everyday dining that residents of most other metros in this project don't pay.
Insurance Is a Real, Rising Cost Pressure
South Carolina's average homeowners insurance premium already ranks 16th-most-expensive nationally ($2,974-$3,100/year statewide), and Horry County specifically is projected toward a 90% (roughly $2,400) premium increase over the next decade -- a real, current, and rising cost that a simple home-price comparison misses. See the homeowners-insurance topic page for the full picture, including real intra-state variance (Conway at $4,275/year versus inland Columbia at $2,610/year).
A Genuinely Seasonal Local Wage Base
Consistent with the area's real, structural tourism dependence (leisure and hospitality alone account for 26.7% of metro nonfarm jobs), average summer-seasonal hourly pay was cited at $14.08 as of August 2026 -- a real, modest wage level relevant to anyone budgeting around local, tourism-adjacent employment rather than remote-work or retirement income. See the jobs-economy topic page for the full labor-market picture.
Key takeaways
- Myrtle Beach's median home price runs about 32% below the national average per Redfin ($258,000 over the three months through June 2026), inside a real buyer's market (121 median days on market, ~1 offer per listing).
- A real, disclosed tension: the city's own median household income ($53,679) runs well below the county, state, and national figures -- affordability looks different measured against national benchmarks versus local incomes.
- Myrtle Beach's 1.5% city hospitality tax adds a real, tourism-economy-specific cost to everyday dining -- 11.5% total tax on a restaurant meal inside city limits.
- South Carolina's homeowners insurance already ranks 16th-most-expensive nationally, with Horry County specifically facing a projected 90% premium increase over the next decade -- a real, rising cost pressure.
- Average summer-seasonal hourly pay was cited at $14.08 (August 2026) -- a real, modest wage relevant to anyone budgeting around local tourism-adjacent employment.
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