Why This South Carolina Seaside City Is the Final Retirement Vacation spot

Once you envision retirement, does it embrace strolling out of your entrance door and smelling the ocean air? In that case, North Myrtle Seaside, South Carolina could also be value exploring. Actually, some may say it’s a retirement sizzling spot contemplating that residents over age 65 make up 38.6% of the inhabitants and the common age of residents is 60.2.

Not like Myrtle Seaside, the place vacationing crowds flock annually, North Myrtle Seaside is much less business, quieter, and barely off the crushed path. Nevertheless, it’s nonetheless chock filled with sources, together with a nine-mile stretch of seaside, entry to {golfing} and fishing, and an abundance of retailers and eating places. 

From a monetary perspective, North Myrtle Seaside is likely one of the most reasonably priced locations to retire within the South as effectively. Its median month-to-month housing prices are decrease than the median for the area, whereas its property taxes are far more palatable than in another components of the nation. Discover out extra about what North Myrtle Seaside has to supply.

Beneath-Common Price of Dwelling

One key good thing about settling down in North Myrtle Seaside is its comparatively low housing prices. Our research discovered that the median housing expense within the space is $1,075, which is 8% decrease than the median of $1,163 throughout the South.

As of November 2024, the common dwelling worth in North Myrtle Seaside is $390,750, which can be under the nationwide median dwelling worth of $420,400. Provided that the median earnings in North Myrtle Seaside is $69,792, that’s an income-to-home worth of 17.9%. That is on par with the nationwide income-to-home worth of 17.7%, based mostly on the nationwide median earnings of $74,580.

In the event you plan on renting, it’s also possible to discover reasonably priced residences in North Myrtle Seaside, with rents beginning at about $1,000 monthly, which is decrease than the nationwide median lease of $1,394.

Why This Is Key To An Inexpensive Retirement

In the event you’re a house owner, particularly one who resides on a fastened earnings in retirement, it’s vital to maintain housing prices manageable. On common, retirees spend about 23% of their earnings on housing prices, making it the most important expenditure.

North Myrtle Seaside’s decrease median housing prices can provide you extra flexibility together with your retirement funds, which is why (amongst different causes) it earned a No. 5 rating in Investopedia’s “Finest Locations To Retire within the South” report.

Favorable Tax Remedy

South Carolina is likely one of the many states that has a graduated particular person earnings tax. Meaning there’s a spread of earnings tax brackets based mostly in your earnings. Although the vary is 0% to six.40%, the vast majority of retirees will probably fall within the 6.40% vary because it applies to anybody incomes $17,330 or extra.

Whereas South Carolina’s earnings tax charge is just not essentially the most effective within the nation (particularly provided that just a few states don’t have any earnings tax), it is much better than the highest charge at locations like New York (10.9%) and California (13.3%). For retirees relocating from such high-tax areas, it could possibly symbolize important financial savings to maneuver to North Myrtle Seaside.

South Carolina is ranked a decent eleventh within the nation when it comes to state and native tax burdens, with an 8.9% charge.

Why This Is Key To An Inexpensive Retirement

Once you’re dwelling on a retirement earnings, each greenback counts. And if you happen to will pay much less taxes, that’s extra of your earnings that you just get to maintain. That’s why whenever you’re crunching your retirement numbers, taxes can play an vital function in the place you in the end resolve to settle.

After all, you’ll need to think about the whole lot holistically, together with your family bills and the taxes you might be paying in your present location versus what these prices could be in a potential new space. 

A Affordable Property Tax Burden

North Myrtle Seaside (in Horry County) has a comparatively manageable common county property tax charge of 0.36%. Meaning on a $390,750 dwelling, your annual property taxes could be $1,407.

Why This Is Key To An Inexpensive Retirement

Even if you happen to purchase a house with out taking up a mortgage, you’ll nonetheless should pay property taxes, which have a tendency to extend over time. Ask anybody in states like New Jersey or Connecticut, and they’ll attest that their property taxes are a good portion of their bills. 

Selecting a county that has property taxes which might be reasonably priced to you possibly can unencumber extra of your retirement earnings for the issues which might be vital to you.

Different Shocking Perks of North Myrtle Seaside, SC for Retirees

As a city with a inhabitants of simply 18,790, North Myrtle Seaside could fly underneath the radar, however that might be a missed alternative if you happen to dream of retiring close to the ocean. The year-round local weather is gentle, with winter temperatures not often dipping under freezing. And, in fact, it’s arduous to not go on and on in regards to the seashores in North Myrtle Seaside (it’s even within the identify!) since they’re beautiful, however relaxation assured: there’s extra to life on this city than simply solar, surf, and sand. 

North Myrtle Seaside consists of 4 principal family-friendly neighborhoods: Cherry Grove, Windy Hill, Ocean Drive, and Crescent Seaside. Barefoot Touchdown is the middle of leisure and occasions for residents, the place you’ll discover reside performances, quite a few eating choices, and many procuring. Once you really feel like venturing out, you possibly can head into the higher Myrtle Seaside space sights.

Additionally vital to contemplate in your later years: There are quite a few medical facilities and hospitals close by, together with Grand Strand Medical Heart, to make sure you could get the well being care help you want as you age.

The Backside Line

In the event you’re a seaside and golf lover or if you happen to’re somebody who has visited Myrtle Seaside earlier than and beloved it as a vacationer, think about testing North Myrtle Seaside in your retirement years. It provides coastal allure and seaside city facilities with out the crowds and excessive bills typical in different beachfront areas.

From an financial standpoint, North Myrtle Seaside can also be a good selection for you due to its decrease median housing prices and total tax-friendliness. In brief, your pension and social safety {dollars} will stretch additional right here than elsewhere. 

Methodology

The locations chosen for 2024 South’s Finest Locations To Retire checklist have been chosen from all Census Designated Locations in southern states (Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, and West Virginia). Median family earnings and month-to-month housing price estimates have been collected from the 2022 American Group Survey (5-year) for every place within the South. Locations for which estimates included giant margins of error have been faraway from the preliminary checklist. 

The ultimate checklist of locations was chosen by evaluating: 

1. Housing affordability relative to the South (how every place’s month-to-month housing prices evaluate with a weighted common for states within the South);
2. Median earnings in every place (as a proxy for taxes collected which can be associated to group sources; and 
3. Particular person reporting on proximity to parks or coastlines, latest adjustments locally, and former reporting by Southern Dwelling highlighting the greatest locations to retire.