Myrtle Beach is renowned as a typical vacation hotspot. The coastal city is famous for its luxurious beach resorts and lavish vacation homes. Every year, millions of visitors come down to the beach to enjoy the warm subtropical climate Myrtle Beach has to offer. Interestingly, many vacationers are choosing to call Myrtle Beach home by either purchasing secondary property or primary residences after spending time in the coastal city.
The Myrtle Beach SC real estate industry is picking up fast, as vacationers are opting to become permanent residents. After all, who would not want to be a homeowner in a beautiful location like Myrtle Beach? Here are a few reasons why the real estate industry in Myrtle Beach is growing.
1. Population Growth
According to 2017 statistics from the US Census Bureau, Myrtle Beach is currently the second fastest growing city regarding population in South Carolina. Migrants and retirees from other parts of the country are now calling Myrtle Beach home, thanks to the slow pace of life in the coastal city. Subsequently, population growth has led to a significant increase in the demand for decent housing.
2. Low Property Tax
Property taxes in Myrtle Beach are at an all-time low. As of 2017, South Carolina ranked as the sixth lowest, as far as property tax is concerned. If the home you are buying is your primary investment, then you will pay lower property taxes than a person making a secondary property investment will. Moreover, retirees and individuals with disabilities are eligible for various tax rebates. You can apply for the homestead exemption if you are 65 years or older, and have lived in Myrtle Beach for more than a year. Additionally, retirees can gain from retirement income deduction too, as South Carolina does not tax benefits on social security. This makes Myrtle Beach among the most affordable location for retirement.
3. Competitive Home Prices
It is quite surprising that it is much less expensive to live in Myrtle Beach in comparison to other beach destinations. The low cost of living along the famous Grand Strand has contributed immensely to the demand for housing. Luxury homes have become more affordable because of low-interest rates and a vibrant local economy. Moreover, home prices remain competitive due to the availability of all the options for aspiring homeowners.
4. An increase in Employment and Investment Opportunities
The many vacation spots and luxury resorts have numerous job opportunities for both local residents and job seekers from other states. The vibrant real estate industry has also created jobs for many people in various sectors including the construction industry, hospitality, and transportation sector, among many others. In essence, the ripple effect of the strong real estate economy has created numerous investment opportunities for business persons as well. It is now much easier and affordable to purchase a home in Myrtle Beach, as a rental investment.
5. Ease of Accessibility
The coastal city of Myrtle Beach is easily accessible via air, by road or rail. The city has the Myrtle Beach International Airport. The road network has witnessed the opening of several roads to ease congestion attributed to the annual influx of visitors to Myrtle Beach. You can easily take the train station to Florence, approximately 70 miles away and rent a car from there.
In conclusion, the real estate industry in Myrtle Beach SC has undergone several reincarnations in recent years. More vacationers are ending up as homeowners in Myrtle Beach, thanks to the attractive prospects the city has to offer. However, finding a suitable home can be intimidating, especially if you do not know your way around. Enlisting a reputable real estate company like Coldwell Banker Chicora Advantage can make all the difference in finding a fantastic home for you and your family. They have valuable information on the local real estate in Myrtle Beach. Their customer service is unrivaled, and their support staff will always be on hand to answer all your queries. For more information on the various real estate opportunities in Myrtle Beach, please do not hesitate to contact Coldwell Banker Chicora Advantage.