Why This South Carolina Beach Town Is the Ultimate Retirement Destination

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

Unlike Myrtle Beach, where vacationing crowds flock each year, North Myrtle Beach is less commercial, quieter, and slightly off the beaten path. However, it is still chock full of resources, including a nine-mile stretch of beach, access to golfing and fishing, and an abundance of shops and restaurants. 

From a financial perspective, North Myrtle Beach is one of the most affordable places to retire in the South as well. Its median monthly housing costs are lower than the median for the region, while its property taxes are much more palatable than in some other parts of the country. Find out more about what North Myrtle Beach has to offer.

Below-Average Cost of Living

One key benefit of settling down in North Myrtle Beach is its relatively low housing costs. Our study found that the median housing expense in the area is $1,075, which is 8% lower than the median of $1,163 across the South.

As of November 2024, the average home value in North Myrtle Beach is $390,750, which is also below the national median home price of $420,400. Given that the median income in North Myrtle Beach is $69,792, that’s an income-to-home value of 17.9%. This is on par with the national income-to-home value of 17.7%, based on the national median income of $74,580.

If you plan on renting, you can also find affordable apartments in North Myrtle Beach, with rents starting at about $1,000 per month, which is lower than the national median rent of $1,394.

Why This Is Key To An Affordable Retirement

If you’re a homeowner, especially one who is living on a fixed income in retirement, it’s important to keep housing costs manageable. On average, retirees spend about 23% of their income on housing costs, making it the biggest expenditure.

North Myrtle Beach’s lower median housing costs can give you more flexibility with your retirement budget, which is why (among other reasons) it earned a No. 5 ranking in Investopedia’s “Best Places To Retire in the South” report.

Favorable Tax Treatment

South Carolina is one of the many states that has a graduated individual income tax. That means there’s a range of income tax brackets based on your income. Though the range is 0% to 6.40%, the majority of retirees will likely fall in the 6.40% range since it applies to anyone earning $17,330 or more.

While South Carolina’s income tax rate is not necessarily the best in the nation (especially given that a few states have no income tax), it is far better than the top rate at places like New York (10.9%) and California (13.3%). For retirees relocating from such high-tax areas, it can represent significant savings to move to North Myrtle Beach.

South Carolina is ranked a respectable 11th in the nation in terms of state and local tax burdens, with an 8.9% rate.

Why This Is Key To An Affordable Retirement

When you’re living on a retirement income, every dollar counts. And if you can pay less taxes, that’s more of your income that you get to keep. That’s why when you’re crunching your retirement numbers, taxes can play an important role in where you ultimately decide to settle.

Of course, you’ll want to consider everything holistically, including your household expenses and the taxes you are paying in your current location versus what those costs might be in a prospective new area. 

A Reasonable Property Tax Burden

North Myrtle Beach (in Horry County) has a relatively manageable average county property tax rate of 0.36%. That means on a $390,750 home, your annual property taxes would be $1,407.

Why This Is Key To An Affordable Retirement

Even if you buy a home without taking on a mortgage, you’ll still have to pay property taxes, which tend to increase over time. Ask anyone in states like New Jersey or Connecticut, and they will attest that their property taxes are a significant portion of their expenses. 

Choosing a county that has property taxes that are affordable to you can free up more of your retirement income for the things that are important to you.

Other Surprising Perks of North Myrtle Beach, SC for Retirees

As a town with a population of just 18,790, North Myrtle Beach may fly under the radar, but that would be a missed opportunity if you dream of retiring near the ocean. The year-round climate is mild, with winter temperatures rarely dipping below freezing. And, of course, it’s hard not to go on and on about the beaches in North Myrtle Beach (it’s even in the name!) since they are gorgeous, but rest assured: there’s more to life in this town than just sun, surf, and sand. 

North Myrtle Beach includes four main family-friendly neighborhoods: Cherry Grove, Windy Hill, Ocean Drive, and Crescent Beach. Barefoot Landing is the center of entertainment and events for residents, where you will find live performances, numerous dining options, and lots of shopping. When you feel like venturing out, you can head into the greater Myrtle Beach area attractions.

Also important to consider in your later years: There are numerous medical centers and hospitals nearby, including Grand Strand Medical Center, to ensure that you can get the health care support you need as you age.

The Bottom Line

If you’re a beach and golf lover or if you’re someone who has visited Myrtle Beach before and loved it as a tourist, consider checking out North Myrtle Beach for your retirement years. It offers coastal charm and beach town amenities without the crowds and high expenses typical in other beachfront areas.

From an economic point of view, North Myrtle Beach may also be a good choice for you thanks to its lower median housing costs and overall tax-friendliness. In short, your pension and social security dollars will stretch further here than elsewhere. 

Methodology

The places chosen for 2024 South’s Best Places To Retire list were selected from all Census Designated Places in southern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia). Median household income and monthly housing cost estimates were collected from the 2022 American Community Survey (5-year) for each place in the South. Places for which estimates included large margins of error were removed from the initial list. 

The final list of places was selected by evaluating: 

1. Housing affordability relative to the South (how each place’s monthly housing costs compare with a weighted average for states in the South);
2. Median income in each place (as a proxy for taxes collected which may be related to community resources; and 
3. Individual reporting on proximity to parks or coastlines, recent changes in the community, and previous reporting by Southern Living highlighting the best places to retire.