Exploring the Retirement Benefits of North Myrtle Beach, South Carolina
North Myrtle Beach, South Carolina, is emerging as an appealing destination for retirement, particularly for those who envision a tranquil seaside life. With a population where 38.6% are aged 65 and older, this city boasts a median age of 60.2 years among its residents. The community offers a significantly quieter environment compared to its bustling neighbor, Myrtle Beach, making it a hotspot for retirees seeking both relaxation and an engaging lifestyle.
Affordable Living and Housing Costs
One of the main attractions of North Myrtle Beach is its affordability. The median monthly housing expense in the area is approximately $1,075, which is 8% lower than the Southern average of $1,163. As of November 2024, the average home value stands at $390,750, which is below the national median of $420,400. With a median income of $69,792, retirees can expect a favorable income-to-home value ratio of 17.9%, comparable to the national average of 17.7%.
For those considering renting, the situation is equally promising, with apartment rents starting around $1,000 per month, lower than the national average of $1,394. This affordability means retirees can maximize their fixed income, allowing them to allocate funds to leisure and healthcare needs.
Tax Advantages for Retirees
Another economic benefit is the state’s tax structure. South Carolina has a graduated income tax rate ranging from 0% to 6.40%. However, most retirees fall into the 6.40% bracket, applicable to those earning over $17,330. While a few states offer no income tax, South Carolina’s rates are favorable compared to states like New York and California, which have rates of 10.9% and 13.3%, respectively.
Additionally, North Myrtle Beach features a manageable county property tax rate of 0.36%. This means that for a home valued at $390,750, homeowners would pay around $1,407 annually in property taxes. This is considerably lower than in states with high tax burdens, providing retirees with room in their budgets for other necessities and pleasures.
Community Features and Lifestyle
North Myrtle Beach, with a modest population of 18,790, presents a picturesque environment with a mild climate. The city boasts a lovely nine-mile stretch of beach, numerous golf courses, and fishing opportunities. Activities abound, from shopping to dining, all surrounded by natural beauty. The warmth of the community is highlighted in the four main family-friendly neighborhoods: Cherry Grove, Windy Hill, Ocean Drive, and Crescent Beach.
Entertainment is enriched by venues like Barefoot Landing, where residents enjoy live performances, diverse dining options, and vibrant shopping experiences. Notably, North Myrtle Beach is recognized as the birthplace of the Shag dance, South Carolina’s official state dance, enhancing its cultural appeal.
Healthcare Support
For retirees, access to healthcare is essential. North Myrtle Beach is served by numerous medical centers, including the Grand Strand Medical Center, ensuring that residents can receive the healthcare support they need as they age. This proximity to healthcare resources adds another layer of reassurance for those considering retirement here.
Conclusion
In summary, North Myrtle Beach stands out as a sound option for retirees seeking a coastal lifestyle that is both affordable and relaxed. With lower housing costs, manageable taxes, and a vibrant community packed with amenities, it is no wonder it ranks as one of the best places to retire in the South. For individuals dreaming of a life by the ocean, this charming city offers everything needed to enjoy retirement without the overwhelming crowds and expenses characteristic of other beach destinations.
