Why Myrtle Beach is the Fastest-Growing Area in the Country
In real estate, it’s referred to as the moorage effect. Prospective new residents “set sail” from colder northern climates in search of a new home in the Southeast. Once they’ve seen all the options, many ultimately choose the Grand Strand as their final docking destination. It’s not too hot, and not too cold. For climate reasons and many more, Myrtle Beach is just right.
For generations, those leaving the Northeast represented the lion’s share of transplanted new residents in this area – predominantly retirees and investors in search of second homes and cash flow opportunities. They now have plenty of company, from an expanded demographic that includes families benefiting from modern-day relocation possibilities made possible by virtual learning and employment options. It’s not only causing a “mass exodus” of folks leaving the Northeast, Mid-Atlantic and Midwest markets in search of warmer locales and lower property taxes, it’s bringing a flood of purchasers from different age brackets with new motivations to purchase here along the Grand Strand.
Cost of living is one such leading motivator. Compared to most markets, owning a home is a lot less expensive here in Horry and Georgetown counties and throughout South Carolina. When prospective buyers discover the average property tax on a $300,000 home for a primary residence in Myrtle Beach can be less than $1,000 per year, it’s a jolt of reality for those paying that same amount in property taxes per month in the Northeast. “A little goes a long way” is a common phrase heard around the Grand Strand from folks who have made the move. Venture out into the communities here, and you discover that much of what you do and consume on a daily basis – dining out, gasoline, Happy Hour with friends, going to a ballgame, etc. – simply costs less here at the Beach.
For retirees, the home is important but staying busy with fun activities in retirement and a good weather climate are two more important driving factors. For families, education is a leading decision in whether or not to relocate with the kids now, or wait until the kids graduate and then make the move. More and more families are choosing to come now, discovering that Horry County Schools are ranked first out of 78 districts in South Carolina for having the state’s best teachers; eighth overall among school districts statewide; and fourth-best in the Palmetto State as a place to teach.
And when they arrive, they’re being greeted by a housing market that’s seeing property values continue to rise. Real estate experts forecast prices to increase over the next several years, based on consumer demand and slowdown of new home production, in addition to fewer existing Grand Strand homeowners not looking to sell. For current homeowners, the idea of selling a home and purchasing something older or smaller for more money is simply a turn-off. They’re perfectly content now in their “forever” home.
Myrtle Beach and the Grand Strand offer such a dynamic lifestyle for so many different categories of purchasers and demographics. Whether you’re considering a purchase now in order to retire or relocate at a later date, or deciding now to pick up your family and making the permanent move to the Beach, there’s a neighborhood, community, home and lifestyle waiting for you!