The city of Myrtle Beach is the most sought-after location along the south Atlantic coast of South Carolina. It is famous for its wide beaches, excellent seafood restaurants, huge challenging golf-links, and fantastic shopping activities. Due to this, the Myrtle Beach real estate market is seen to be appreciating over the last decade. The metropolitan region of Myrtle Beach houses around 449,495 people.
The growth and appreciation of the Myrtle Beach housing market are slow and steady. But there is an increase in the housing prices, as the home prices grew by 6.5% in 2019.
Forbes also suggests that this is the best time to invest in Myrtle Beach location as the prices may rise by 4% in 2020 post-pandemic. Due to the COVID-19 crisis, every real estate sector has been very hard. The market is slow, but it will pick up the pace once the financial industry restores to normalcy.
Now, whether you’re looking to buy a home or invest in a property post-retirement, you must consider these points before taking the final decision.
Affordable Location
When looking for a real estate property, the location has to be desirable. Along with desirability, the cost structure should also be favorable. Myrtle Beach is the most affordable location in South Carolina. The average home price in Myrtle Beach housing market is just $156,000 as of 2019.
Myrtle Beach city is best known for the minimally walkable city in Horry County. Some of the best neighborhoods in Myrtle Beach, SC are Covington Lake, Arrowhead, Arcadian Shores, River Oaks Golf Plantation, The Bluffs on the Waterway, Myrtle Pointe, Waterway Palms Plantation, Carolina Forest, Southgate at Carolina Forest, Dunes of Myrtle Beach, Market Commons, Myrtle Beach Boardwalk, Seagate Village, and Grande Dunes.
Low Tax Burden
The locations around Myrtle Beach are fascinating, and investing in a property here, can save a lot of money. South Carolina has a lower tax rate compared to other states. It has a modest income tax rate as well.
The neighborhood around is fun and exotic, where dunes and beach water keep the air warm and fresh. So along with the lowest tax rate, the environmental benefits of Myrtle beach city are also huge. The property tax of an average household comes around 0.5%.
Best Tourism Around
Investing in Myrtle Beach real estate is considered a top-notch idea because of tourism. The Garden city, Forestbrook, Route 17/Coventry Rd, Pine Island, Moorland Dr/Legends Rd, Holmestown Rd/Socastee Blvd, S Kings Hwy/Howard Pky, etc., are some of the most promising locations around Myrtle Beach.
Over 40,000 tourists visit Myrtle beach to enjoy the weather and food. Many prefer letting out homes to these tourists to earn rent that ranges between 20,000-40,000 USD per year. The rental charges depend on the area size and number of occupants. You can easily earn the right amount of ROI on your investments in Myrtle beach properties.
Myrtle Beach properties have one convincing plus point, its ocean-view housing structure. If you invest in properties at Myrtle Beach, you will realize the most favorable returns at affordable housing cost and a remarkable opportunity to tourism revenue.
Image Credits: Jeremy Kierez
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