Myrtle Beach Cost of Living in 2026: The Savings vs. The Surprise

by Mike Fiebernitz

If you're thinking about a move to Myrtle Beach, you've probably already looked at mortgage rates and home prices. That's the easy part. What most people don't check — until it's too late — is what happens to their monthly budget after closing. This article breaks down what you'll actually save moving here, and the two costs almost nobody asks about before they buy.

Quick Summary

South Carolina does not tax Social Security income, which is a meaningful savings for retirees and near-retirees
Myrtle Beach runs roughly $300 per square foot, compared to $450+ in New York and New Jersey metro areas
South Carolina property taxes average around $2,000/year, compared to $12,000–$15,000/year for a comparable home in New Jersey
Filing for South Carolina's 4% legal residence rate (instead of the default 6%) is required to get the lower property tax rate
HOA fees have increased 10–40% depending on property type, and condo insurance specifically is up roughly 40%
Condo buyers need a separate HO-6 policy, typically $400–$800/year, since HOA insurance only covers the building's exterior and structure

What You're Actually Saving By Moving to Myrtle Beach

A lot of buyers I talk to are relocating from New York, New Jersey, or Pennsylvania, and they're often surprised by how much further their money goes here — in ways that go beyond just the sticker price of a home.

No State Tax on Social Security

If you're retired or getting close to it, South Carolina does not tax Social Security income. That's real, ongoing money back in your pocket every month, not just a one-time savings at closing.

Lower Price Per Square Foot

I looked at what homes are selling for per square foot in the Northeast and Midwest compared to here. In the New York and New Jersey metro areas, you're commonly looking at $450 a square foot or more. In Myrtle Beach, that number is closer to $300 a square foot — and even in a high-end luxury area like Grand Dunes, you're still around $450 a square foot. In other words, the same price per square foot that gets you an average home up north can put you into a luxury market here.

South Carolina's Property Tax Advantage

South Carolina has one of the lowest property tax rates in the country. Coming from New York or New Jersey, you might be used to paying somewhere between $12,000 and $15,000 a year in property taxes on a home. Here, a comparable home runs closer to $2,000 a year.

What You Need to Do to Get the Lower Rate

That lower rate isn't automatic. South Carolina taxes primary residences at a 4% assessment ratio, plus an additional exemption that lowers it further. Second homes and investment properties are taxed at 6%. If you don't file the paperwork for your legal residence status after you buy, you'll be taxed at the higher 6% rate by default. I've covered this in more detail in a separate video — worth watching if you're getting ready to close on a home here.

The Honest Part: HOA Fees and Insurance

Here's where I want to be straight with you, because most agents will only tell you about the good part.

If you're looking at a condo or a home in a homeowners association, those fees have increased anywhere from 10% to 40% recently. The higher end of that range — the 40% — is mostly hitting condo buildings specifically, largely because of insurance costs. For a typical residential neighborhood HOA, fees have gone up closer to 10%, mostly just tracking inflation.

Why Condo Insurance Has Gone Up So Much

The biggest driver on the HOA side is insurance. Master insurance policies on condo buildings have gone up roughly 40% because of storm risk, hurricane risk, and how insurance companies are pricing coastal properties in South Carolina right now.

What HOA Insurance Actually Covers

If you're buying a condo, it's important to understand what your HOA fees are actually paying for on the insurance side. That coverage is for everything outside the drywall — the exterior walls, the roof, and the structural part of the building. It does not cover what's inside your unit.

HO-6 Insurance for Condo Buyers

For everything inside your unit, you'll need a separate policy called HO-6 insurance, sometimes referred to as contents insurance. This covers you if something happens and you need to rebuild or repair the interior of your condo — drywall to drywall. HO-6 insurance is usually not included in your monthly HOA fee, so budget separately for it. Depending on the condo, that typically runs $400 to $800 a year.

Seasonal Cost Swings

Housing subdivisions with an HOA generally don't see big cost swings — you're mainly paying for the community pool, streetlights, common electric, and basic maintenance and repairs. Condos are a different story. Between water, sewer, cable, and the building's overall operating costs, condo HOA fees tend to move more with inflation, and insurance has to be renewed every year with the condo's insurer, which can also trend upward.

Assessments: The Cost That's Not in Your Monthly Fee

One more thing to plan for if you're buying a condo: assessments. These cover big-ticket items like replacing a roof or refurbishing a pool — things that wear out over time and aren't part of your regular monthly HOA payment. Your monthly fees only cover ongoing operating expenses. If the building needs a new roof, that cost gets split between all the owners as a separate assessment.

What This Means If You're Buying, Selling, or Relocating

If you're moving here from up north: Run the numbers and compare what you're paying now against what you'd actually pay here each month. Interest rate and purchase price are pretty straightforward to compare. Insurance is the piece you need to actually quote out for specific homes here, along with expected monthly HOA fees, so you know your real number.

If you're local and buying: I always recommend looking at the HOA budget before you fall in love with a place. If there are red flags in the financials, it's much better to catch that before you own the property than after, when there's nothing you can do about it.

If you're thinking about selling: Buyers are asking about insurance and HOA fees early in the process, and they're paying close attention to these numbers. Having your HOA documents and insurance information ready to include in your listing can help your home sell faster.

Frequently Asked Questions

Does South Carolina tax Social Security income?
No. South Carolina does not tax Social Security income, which is a meaningful savings for retirees moving from states that do.

How do I get the lower 4% property tax rate in South Carolina?
You need to file for legal residence status after purchasing your primary home. Without filing, you'll be taxed at the default 6% rate that applies to second homes and investment properties.

How much have HOA fees gone up in Myrtle Beach?
HOA fees have increased 10–40% depending on the property type. Condos have seen the highest increases, largely driven by rising insurance costs, while typical residential HOA fees have risen closer to 10%, in line with inflation.

What is HO-6 insurance, and do I need it?
HO-6 insurance covers the interior of a condo unit — everything from the drywall in. Your HOA's master insurance policy only covers the building's exterior and structure, so HO-6 is a separate policy condo owners need to budget for, typically $400–$800 a year.

What are HOA assessments, and are they included in my monthly fee?
No. Assessments cover major repairs or replacements, like a new roof or pool refurbishment, and are billed separately from your regular monthly HOA fee, split among all the owners in the building.

The Bottom Line

Myrtle Beach genuinely is more affordable than most of the Northeast on the big-ticket items — property taxes, price per square foot, and no state tax on Social Security. But if you're looking at a condo or an HOA community, HOA fees and insurance are the numbers that can catch you off guard if you don't plan for them ahead of time.

LINK: Moving to Myrtle Beach? Don't Make This $3,000 Property Tax Mistake
LINK: Pros & Cons of Living in Waterway Palms Plantation

If you're weighing a move to Myrtle Beach and want to know what it would actually cost you each month compared to where you live now, reach out — I'll run the real numbers for you. Call or text me at 843-907-0355, or book a time that works for you at calendly.com/mikefiebernitz/30min.