Coastal Cost of Living Comparison

Myrtle Beach vs Florida · Charleston · Wilmington

Overall Cost of Living

Where Your Dollars Go Furthest

  • Myrtle Beach: Lowest overall for coastal metros; housing is the biggest savings driver.
  • Wilmington: Typically about 5–12% higher than Myrtle Beach.
  • Charleston: Often 20–30% higher, driven by housing and insurance.
  • Florida coastal cities: Varies by market; many popular areas run 10–25% higher.
Property Taxes

How Far Your Tax Dollar Goes

  • Myrtle Beach (Horry County): Among the lowest effective rates; SC’s 4% homeowner assessment helps primary residents.
  • Charleston County: Higher home prices = noticeably higher annual tax bills on similar-value homes.
  • Wilmington (New Hanover): Moderate rates but still higher than Myrtle Beach for many buyers.
  • Florida: Homestead exemption helps primary residents, but higher valuations can eat up those savings.
Home Insurance

Coastal Risk & Premiums

  • Myrtle Beach: More stable market; newer construction and inland communities help keep premiums in check.
  • Charleston: Higher due to storm exposure and older housing stock in many areas.
  • Wilmington: Mid-range costs; wind/hail and flood zones can add extra policies.
  • Florida: Most expensive; premiums can be 2–4x Myrtle Beach levels in some coastal zones.
Housing Affordability

What You Get for Your Budget

  • Myrtle Beach: New construction in areas like Carolina Forest and Market Common gives more square footage and features for the price.
  • Charleston: Premium pricing and heavy demand; buyers often trade size or location for budget.
  • Wilmington: Growing demand is pushing prices up, especially in popular master-planned communities.
  • Florida: Wide range, but many prime coastal areas command top-of-market prices.
Everyday Living Costs

Day-to-Day Spending

  • Myrtle Beach: Generally lower costs for groceries, gas, dining (outside tourist strips), and utilities.
  • Charleston & Wilmington: Higher service and utility costs as demand and infrastructure strain grow.
  • Florida: Daily costs can be comparable, but gains are often wiped out by higher housing and insurance.
Best-Fit Buyers

Who Myrtle Beach Works Best For

  • Retirees: Low property taxes and manageable insurance keep monthly payments predictable.
  • Relocating families: Strong value in new neighborhoods like Carolina Forest and Carolina Forest-area schools.
  • Remote workers: Coastal lifestyle with lower overall living costs vs. Charleston and many Florida metros.

Why Myrtle Beach Often Wins