Is Myrtle Beach Worthy of Real Estate Investments?
Thousands of affordable properties are available in Myrtle Beach for rent or sale, making it an ideal destination for investing in real estate.
If you have heard of Myrtle Beach, it may be because you have been there, or you have heard it described as the budget-friendly version of many Florida resorts.
If you consider buying or investing in the Myrtle Beach real estate market, you will need to do some research beforehand. You can learn more about the market and ultimately earn better returns.
So, the question arises, why is Myrtle Beach real estate so cheap? Let’s find out!
Real Estate Market in Myrtle Beach, SC
Will Myrtle Beach be one of the best real estate investment markets of 2021? Let us take a look at the latest trends in this area’s real estate market.
The present median home price in Myrtle Beach is $156,300. Currently, Myrtle Beach is an outlet. House prices rose 6.5% last year. Looking ahead to the next year, home prices are expected to continue to climb 3.8%.
The average price per square meter for Myrtle Beach is $175, which is more than the average price of $137 for the “Myrtle Beach-Conway” subway.” The median price of homes currently listed in Myrtle Beach is between $189,900, and $144,600.
Statistics have shown that 14.2% of Myrtle Beach deals were discounted in October 2019, which is suitable for shoppers. This shows that sellers are willing to negotiate prices because they find it increasingly difficult to sell at the asking prices.
The starting rent is $1,100 in this area, which is less than the “Myrtle Beach-Conway” subway where the starting rate is $1,300.
This is a short and clear forecast for the Myrtle Beach residential market for the three years ending in the third quarter of 2021. The Myrtle Beach forecast accuracy is 82%, and the forecast is in a positive trend.
Real estate experts estimate that the home prices here are likely to increase by 82% during this period. If this price forecast is correct, home prices in Myrtle Beach will be higher in the third quarter of 2021 than they were in the third quarter of 2018.
Statistics on Foreclosures and Bank-Owned Homes in Myrtle Beach, SC
The mortgage default rate is 0.6% in this area which is less than the national average of 1.1%, this is according to the statistical acquisition of Myrtle Beach. From their peak in 2007 to their low in late 2011, U.S. home prices have fallen more than 20% across the country.
Many homeowners’ mortgages are now underwater, meaning they owe more than the value of their home. The Myrtle Beach default Home Mortgage Rate is 14.4%.
In October 2019, the number of households that received foreclosure papers in Myrtle Beach, South Carolina, fell 11% compared to the previous month and increased 240% compared to the same period last year.
How are Real Estate investments in Myrtle Beach?
If you want to know whether Real Estate investing in Myrtle Beach is profitable, you should study local trends in more detail.
This article alone cannot provide complete information on making a final investment decision in Myrtle Beach. We have compiled a few positive facts based on the stats for those interested in real estate investing in Myrtle Beach.
In the long run, investing in Myrtle Beach’s rental properties will pay off big as home prices rise every year.
By South Carolina standards, Myrtle Beach real estate is affordable. The median home price in the state is just over $170,000. As of 2019, the home price in the residential market was $156,000.
Another factor that explains Myrtle Beach’s investment in real estate is that it is comparatively low-priced for residents. Myrtle Beach is one of the cheapest suburbs in the “Myrtle Beach-Conway” metropolitan area, where the home price in the neighborhood is about $200,000.
High return on investment
In the Myrtle Beach real estate market, the minimum rent per condo is $1,100 per month. A one-bedroom apartment can make almost $900 a month. Two- and three-bedroom homes are the most common type of property in the real estate market of this area.
This shows that you can easily charge $1,400 or more per month for the rent of a single-family home. And the rental for tourist purposes? The income for these properties ranges from $20,000 to $40,000 per year, depending on how desirable it is and what level of occupancy you can get during the busy summer.
Before investing in Myrtle Beach, SC, make sure to check out buying condos to see if it is a good choice for you or not!
Low tax rate
The tax in South Carolina is below average. Among the fifty states, the state and local tax is in the eighth-lowest. The income tax rate in the state is not high. If you consider investing in real estate in Myrtle Beach, remember that property taxes are near the lowest point in the state. The property tax for an ordinary family is around 0.5%. On the other hand, the average national property tax rate is 1.1%.
The general Quality of Life
The highlight of the Myrtle Beach real estate market is the overall quality of life. North Myrtle Beach School has a B+ rating. The entire region received an A grade for the quality of life for the retiree. This increases the value of homes in the Myrtle Beach residential market.
Relatively Low Maintenance Costs
The biggest advantage of Myrtle Beach would be its low cost of living relative to nearby states. But, do not worry, all the necessary services and amenities are available here.
The total cost of housing in Myrtle Beach is 30% lower than the country’s average, which means the price of Myrtle Beach Waterfront Apartments for sale is very affordable compared to other options.
Are you worried about healthcare and hospitalization costs? You will be surprised to see that the hospital cost is almost a third of what you would pay in Las Vegas or Miami.
The Myrtle Beach area is not that big, and you do not need to drive more than 16 miles to get all the essentials and amenities.
From mid-range one-bedroom apartments to luxury six-bedroom apartments, you have many options. Here you can buy an exciting beachfront condo for less than $200,000. From middle-income people to millionaires, everyone is treated equally and finds a suitable place to live.
Reliable Community Services
In Myrtle Beach, the last thing you need to worry about is what to do during downtime. Myrtle Beach has more miniature golf courses per square mile than anywhere else in the world.
Each year, Myrtle Beach hosts nearly 600 art events. There are also many casinos in South Carolina. If you plan to retire here or move in entirely, the community is very friendly. Here you will meet many interesting people of all professions, cultures, and religious backgrounds.
The community is known for providing valuable support and assistance when needed.
If you are concerned about health care facilities, you can rest assured. Myrtle Beach has sufficient hospitals and clinics, pharmacies, healthcare facilities, and dispensaries to satisfy all the medical needs. You do not need to drive more than 10 miles to access any service here.
Myrtle Beach (S.C) has provided the best health services on numerous occasions and has won many awards. Therefore, quality is never an issue. The municipality also offers good door-to-door transport and other services.
Wonderful weather Conditions
Myrtle Beach is visited by 14 million visitors each year. Since summer is full of excitement, you can easily earn money. Summer business will increase your chances of earning income.
After the summer, you will have a long, warm, and calm fall and winter. However, do not worry about boredom. In the low season, residents enjoy lower prices for all utilities and services. Also, with fewer tourists, the resort will be more relaxed, and peaceful.
You do not need to worry about hurricanes like Florida, as they hardly ever hit South Carolina. Also, in summer, you will not face the unbearable heat like in South Florida.
Winter is short here. You will only get 45 to 60 days of winter when the temperature will drop below 50. The good thing is that you will enjoy all the seasons, from spring to Halloween or Christmas, without the extreme weather of the north or south.
The real estate market in Myrtle Beach offers affordable choices, a significant rate of return, a stable housing market, and opportunities to increase tourism income. It is suitable for owners and can grow in the long run.
You might consider looking at these aspects before investing in real estate.
The investment property here has good cash flow, which means that the investment is undoubtedly profitable.
Therefore, finding a good investment opportunity in Myrtle Beach will be crucial to your success. By investing wisely in Myrtle Beach (S.C) rental properties, you can secure your future.