MYRTLE BEACH, S.C. (WBTW) – Myrtle Beach is a popular vacation spot but more and more people are moving to live in the area full-time every year.
Along the Grand Strand the cost of homes is going up. As more people move here, you might be wondering how much you need to make to live in Horry County.
According to a Massachusetts Institute Technology calculator to live in the Myrtle Beach, Conway, and North Myrtle Beach areas, a single person with no children needs to make $15.13 an hour.
If you are a single person and have one child, you’ll need to make a little more than $30 an hour.
A single person with three children needs to make $46.49 per hour.
The minimum wage in South Carolina is $7.25. There is no county in the state where a single person without children can afford to live on the minimum wage based on typical expenses. Home prices have also increased. Laura Crowther is the CEO for Coastal Carolina Association of Realtors. She said the median sales price of a home today in Horry and Georgetown county is $248,000.
“Condos and townhomes, that median price is up year over year 13 percent and the median price is $165,000,” Crowther said.
A report from CCAR shows median sales continues to rise to $299,925 which is up 18.6 percent in the county.
Local home inventory is at an all-time low, decreasing by 56.4 percent for single-family homes with closed sales decreasing by 8.8 percent. Crowther said over the past three years, home prices have increased about 31 percent. Crowther added this is providing a much needed boost of supply to America’s epic housing shortage.
“The market is strong. We are continuing to see interest in our market. We are continuing to see folks moving in from other areas as well as our local residents that are moving around either sizing up or down. butted to we really don’t see any slow in the market for the foreseeable future,” Crowther said.
Crowther said with reduced interest rates, it is encouraging news for home buyers who have struggled with the low home inventory during the pandemic.