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It is ranked a Beta city. Considering its location on the Atlantic coast of South Carolina, the city is a huge vacation resort. It is also part of the Grand Strand. The city is also home to the best resort golf courses in the South.
Culture, History, and Business
The Winyah and Waccamaw Indians first occupied the area, and it was called Chicora. They lived here long before the Europeans settled in. Early Spanish settlements failed to last long as they were devastated by disease attacks. Subsequently, the English came in and established the area.
The economy of the city is predominantly tourism-driven. Places like motels, resorts, hotels, retail developments, golf courses, etc. are all in existence to attend to visitors’ needs. The city hosts more than 20 million tourists every year all seasons round. Over 30% of these visitors are foreigners, including the United Kingdom, Germany, and Canada, which increases the city’s foreign reserves.
The economy is also diversified in the manufacturing sector. It produces products in small scale quantities. Some of these products include cardboard, foam, rubber, plastic, etc. The many stores and shopping centers make the city a vast shopping destination in the Southeastern US and the biggest in South Carolina.
Real Estate Appeal
The real estate market in Myrtle Beach is affordable. Prices in real estate here are low, even for those who have limited income; hence, there are options for varying budget ranges. In 2019, the median home price for the state of South Carolina was above $170,000. The average cost of a home within the Myrtle Beach real estate market was $156,000.
In 2019, the average rent for an apartment in the Myrtle Beach real estate market was $1,100 per month. The rent for a one-bedroom apartment was about $900 per month. Common types of homes found within Myrtle Beach property market are the 2-bedroom homes and the 3-bedroom homes. Landlords often charge over $1400 as rent for these homes. Rentals for tourism are also booming. The ROI on these rental properties is between $20,000 to $40,000 every year.
The average tax burden in the state of South Carolina is significantly low. The average local and state tax burden is one of the lowest in the country ranking at 8th position out of 50 states. Compared to the average property tax of the country that is at 1.1%, the average property tax bill for a home in South Carolina is 0.5%.
If Myrtle Beach is an appealing investment destination for you, then we recommend that you find out more about the city before investing. Read our subsequent articles to find out why you should invest in Myrtle Beach and its hottest neighborhoods.
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