Myrtle Beach, SC
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Top 5 reasons to invest in Myrtle Beach, SC
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Key Stats
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Myrtle Beach, SC, has experienced a significant increase in population and rent prices, both promising indicators for real estate investors. The area, known for its tourism, boasts a robust economy in the hospitality sector, but also attracts residents from diverse industries. This presents a great opportunity for a high return on investment.
Myrtle Beach has consistently grown in population. From 2017 to 2018, it was the country's second-fastest-growing metropolitan area. The trend continues, with the current population of 40,865 residents, a 5.17% change from last year. This steady growth gives investors a sense of stability and ensures long-term potential for future real estate investments.
The median rent in the area is $2,095, a -4.8% change from last year. The state's landlord-friendly laws, including the right to increase rent without notice, as well as no limit to the security deposit landlords can require, provide a reassuring investment environment for potential investors.
Housing costs in Myrtle Beach are slightly below the national average. The median home price in the area is $331,265, a -11.1% change from last year's price. What's more, the rent-to-price ratio is an attractive 0.6%, a figure that helps solidify the possibility of profitability of real estate investments in the area.
The median household income in the area is $49,399, slightly below the national average, and the unemployment rate is 4.6%. There are 231,614 households in the area, giving investors a large audience to serve. The average household is 2.3 people, slightly below the national average, offering investors opportunities to purchase and rent smaller properties.
Seventy-nine percent of the properties in the area are owner-occupied, and 21% are rented. This is slightly below the national average of 35% rental properties, giving investors many opportunities to earn profits.
Fifty-five percent of the area's population is between 18 and 64, but the most significant age bracket is 60 to 69, who make up 18% of the population. However, 20-to-39-year-olds comprise 20% of the population, which is usually a good age range to target rental properties.
Horry County is also part of the Grand Strand, which has 60 miles of beach and coastal strip. This may increase the need for rentals. However, traditional neighborhoods throughout the area usually restrict short-term rentals, so the options for STRs are limited.
Overall, Myrtle Beach is a fast-growing area with a heavy focus on hospitality and a good mix of other industries, attracting people of all ages. Home prices are just below the national average, and rent prices are steady. With attractive landlord laws and the opportunity to serve tourists, investors have plenty of opportunities if they can find an area allowing short-term rentals.
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