Cost of Living in Myrtle Beach, SC

With a cost of living index of 96, Myrtle Beach, SC is slightly more affordable than average. Living here is 4% cheaper than the national average and 14% above the South Carolina state average of 82. With a population of 37,214, Myrtle Beach is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Myrtle Beach's cost of living. The median monthly rent is $1,132 (14% below the US median of $1,319), and the median home value sits at $347,700 (14% above the national median of $304,900). At current prices, the median home costs roughly 6.5x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Myrtle Beach is $53,679, which is 29% lower than the national median of $75,149. Residents spend roughly 25% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Myrtle Beach. The area sees an average annual temperature of 64°F, with summers averaging 79°F and winters around 48°F. Annual rainfall totals 48.5 inches spread over roughly 122 days.

Everyday prices in the Myrtle Beach-Conway-North Myrtle Beach, SC (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.