Myrtle Beach is well known as a typical vacation hotspot. The coastal city is well-known for its extravagant beach resorts and extravagant vacation homes. Each year, countless visitors come down to the beach to take pleasure in the warm subtropical climate Myrtle Beach has to offer. Surprisingly, 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 sector is picking up rapidly, as tourists are deciding to become permanent residents. Nevertheless, who would not want to be a homeowner in a booming place like Myrtle Beach? Here are several reasons why the real estate industry in Myrtle Beach is increasing.
1. Population Growth
According to 2017 statistics from the US Census Bureau, the coastal city is, as of the moment, the second fastest growing city concerning population in South Carolina. Retirees and migrants from other parts of the country are now calling Myrtle Beach home, thanks to the slow pace of life in the coastal city. Consequently, population growth has caused a major increase in the need for good housing.
2. Low Property Tax
Property taxes in the coastal city are at an all-time low. 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. This makes Myrtle Beach among the most cost effective city for retirement.
3. Competitive Home Prices
It is rather surprising that it is much cheaper to live in Myrtle Beach in comparison to other beach places. The low cost of living along the popular Grand Strand has contributed exceptionally to the need for more housing. Luxurious homes have become more reasonably priced because of low-interest rates and a booming local economy. Home prices remain competitive due to the availability of all the options for aspiring homeowners.
4. A boost in Employment and Investment Opportunities
The numerous vacation spots and luxurious resorts have hundreds of job opportunities for both local residents and job seekers from other states. The booming real estate business has also produced jobs for many individuals in different sectors along with the construction field, hospitality, transportation sector and several others. Essentially, the ripple effect of the strong real estate economy has developed various investment opportunities for the corporates as well. It is now a lot easier and reasonably affordable to buy a home in Myrtle Beach, as a rental investment.
5. Ease of Access
The coastal city of Myrtle Beach is easily accessible through plane, train or by car. The city has the Myrtle Beach International Airport. The road network has witnessed the opening of a number of roads to relieve blockage attributed to the annual influx of visitors to Myrtle Beach. You can easily take the train station to Florence, around 70 miles away and rent a vehicle from there.
In conclusion, the real estate market in Myrtle Beach SC has been reborn throughout the years. They have useful information on the local real estate in Myrtle Beach. For more information on the different real estate opportunities in Myrtle Beach, please don’t forget to get in touch with Coldwell Banker Chicora Advantage.