Mortgage Calculator & Closing Costs: Myrtle Beach, SC
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Myrtle Beach, South Carolina.
Median Home Price
$285K
Population
36K
Avg Monthly Rent
$1,280
Property Tax Rate
0.57% *
* Property tax shown is the South Carolina state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Myrtle Beach.
Myrtle Beach vs South Carolina Median
The median home price in Myrtle Beach is $285,000, which is 7% below the South Carolina state median of $305,000.
Mortgage Calculator — Myrtle Beach, SC
Pre-filled with Myrtle Beach median home price and South Carolina tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $285K home using South Carolina's 0.57% tax rate and $2,600/yr insurance.
5% Down
$2,221/mo
Down: $14,250
Loan: $271K
P&I: $1,711
Tax: $135
Insurance: $217
PMI: $158
10% Down
$2,123/mo
Down: $28,500
Loan: $257K
P&I: $1,621
Tax: $135
Insurance: $217
PMI: $150
20% Down (No PMI)
$1,793/mo
Down: $57,000
Loan: $228K
P&I: $1,441
Tax: $135
Insurance: $217
Income needed (28% rule): $77K/year with 20% down, $91K/year with 10% down.
Rent vs Buy in Myrtle Beach
Rent
$1,280/mo
vs
Buy (10% down)
$2,123/mo
Price-to-rent ratio: 18.6 — A ratio between 15-20 means the rent vs buy decision in Myrtle Beach depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Myrtle Beach is $285,000, 7% below the South Carolina state median of $305,000. With a population of 35,682, Myrtle Beach is a smaller market where home prices tend to be more accessible than in many parts of South Carolina.
Property taxes in South Carolina average 0.57% annually. This low property tax rate is a significant advantage for Myrtle Beach buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in South Carolina runs approximately $2,600 per year. This is within the normal range nationally.
Average rent in Myrtle Beach is $1,280/month. The price-to-rent ratio in Myrtle Beach is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Myrtle Beach presents moderate affordability. The $285K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Myrtle Beach.