For many buyers relocating from New York, New Jersey, Connecticut, or Pennsylvania, one of the biggest questions is whether moving to Myrtle Beach will actually save money. In most cases, the answer is yes.
While everyone’s financial situation is different, the Grand Strand consistently offers lower housing costs, lower property taxes, retirement-friendly tax policies, and significantly reduced commuting expenses compared to much of the Northeast. These savings can add up quickly, often creating a noticeable difference in a household’s annual budget.
This guide breaks down the major cost-of-living categories using current 2026 figures so you can make an informed comparison before making the move.
Housing
Housing is typically the largest expense for any household, and it’s often where relocating buyers see the biggest difference.
The median sale price across all property types in the Myrtle Beach area sits around $300,000, while single-family homes generally range between $328,000 and $385,000. Condos and townhomes commonly fall between $228,000 and $240,000, while new construction homes can range from approximately $324,000 to more than $660,000 depending on location, builder, and amenities.
For many buyers coming from metro New York, northern New Jersey, Connecticut, or suburban Philadelphia, that often translates into more square footage, newer construction, modern amenities, and sometimes even a larger lot for significantly less money than they paid in their previous market.
Property Taxes
Property taxes are often where Northeast transplants notice the most dramatic savings.
South Carolina taxes owner-occupied primary residences at a 4% assessment ratio, compared to 6% for second homes and investment properties. In addition, Horry County’s effective property tax rate is among the lowest in South Carolina, generally ranging between 0.35% and 0.58%, depending on location and applicable millage rates.
For many homeowners, a $400,000 primary residence may have a property tax bill of approximately $1,700 per year after qualifying for the Legal Residence exemption.
Compare that to New Jersey, where the average annual property tax bill is around $9,500 and many communities exceed that amount substantially. In parts of Connecticut and New York, annual tax bills exceeding $10,000—and sometimes reaching $20,000 or more—are not uncommon.
One important detail many new residents overlook is that the 4% assessment ratio is not automatic. After closing, homeowners must file a Legal Residence Application with Horry County to receive the lower owner-occupied tax rate. Otherwise, the property will be taxed at the higher 6% assessment ratio.
Buyers of new construction homes should also understand that the first tax bill often reflects only the land value. Once the home is fully assessed, future tax bills will increase accordingly.
State Income and Retirement Taxes
South Carolina is particularly attractive to retirees and those approaching retirement.
The state does not tax Social Security income and allows retirement-income deductions of up to $15,000 per person for qualifying pension income, IRA distributions, and 401(k) withdrawals.
Remaining taxable income is subject to a flat state income tax rate of approximately 6.2%, with additional reductions continuing to phase in.
By comparison, New York’s combined state and local income taxes can approach 10.9% for some residents. New Jersey’s top income tax rate reaches approximately 10.75%, while Connecticut taxes most retirement income and has rates as high as 6.99%.
For households relying on retirement accounts or pensions, South Carolina’s favorable tax treatment can translate into thousands of dollars in annual savings.
Insurance
Insurance is one category where costs can sometimes be higher than what many Northeast buyers are accustomed to paying.
Because Myrtle Beach is a coastal market, flood insurance and wind coverage often play a larger role in overall ownership costs.
Inland properties may see flood insurance premiums ranging from approximately $500 to $2,000 annually. Homes located in coastal flood zones such as VE or AE zones can face premiums ranging from several thousand dollars to well over $10,000 per year depending on elevation, location, and coverage requirements.
Wind and hurricane insurance can further increase costs for properties closer to the ocean.
Before making an offer, buyers should always obtain written insurance estimates and review elevation certificates whenever applicable.
Everyday Costs and the Commute
Day-to-day expenses also tend to favor Myrtle Beach residents.
Gas prices are often 30 to 50 cents per gallon lower than many parts of New Jersey and approximately 50 to 70 cents lower than areas of Connecticut, Long Island, and the New York metropolitan region.
The area is also designed around shorter daily travel distances. Many residents find that errands, shopping, dining, healthcare, and recreational activities are all located within a relatively short drive from home.
One of the most overlooked savings comes from eliminating the Northeast commute.
Monthly rail passes for systems such as Metro-North or the Long Island Rail Road commonly cost between $250 and $400 per month. For many households relocating to Myrtle Beach, those expenses disappear entirely, potentially freeing up $6,000 to $8,000 annually.
The Bottom Line
When you combine lower housing costs, reduced property taxes, favorable retirement tax treatment, lower commuting expenses, and generally affordable day-to-day living costs, many households relocating from the Northeast find they can save between $25,000 and $50,000 per year.
Your actual savings will depend on where you’re moving from, the type of property you purchase, your income sources, and your lifestyle. However, for many buyers, Myrtle Beach offers an opportunity to improve both their quality of life and their financial outlook.
Frequently Asked Questions
Is Myrtle Beach cheaper than New Jersey or New York?
For most relocating buyers, yes. Housing, property taxes, retirement taxes, and everyday living expenses are typically lower than what buyers experience in New York, New Jersey, Connecticut, and much of Pennsylvania. The primary category that can sometimes be higher is coastal insurance.
Does South Carolina tax retirement income?
South Carolina does not tax Social Security income and allows deductions of up to $15,000 per person on qualifying retirement income such as pensions, IRA distributions, and 401(k) withdrawals. Remaining taxable income is subject to a flat state income tax rate of approximately 6.2%.
How much are property taxes in Horry County?
Horry County’s effective property tax rate generally ranges between 0.35% and 0.58%, making it one of the more tax-friendly counties in South Carolina. For many homeowners who qualify for the Legal Residence exemption, a $400,000 primary residence may have an annual property tax bill of approximately $1,700. Homeowners must file for Legal Residence status after closing to receive the lower 4% assessment ratio.
Is insurance more expensive in Myrtle Beach?
It can be, particularly for properties near the ocean or within designated flood zones. Flood insurance and wind coverage are often larger expenses than many Northeast buyers are accustomed to paying, making it important to obtain quotes before purchasing a home.