What Will Myrtle Beach Be Like in 10 Years?
There is a lot of hype about Myrtle Beach these days, and it seems like it is an entirely new place every 10 or 15 years. Somehow, the place just keeps growing, and the economic advantages to that are incredible. Myrtle Beach continues to be a booming city on the Grand Strand, and the boom that the city is experiencing does not seem like it will be stopping any time soon. This post is going to take a quick look at what exactly is driving this economic boom, and what you can expect Myrtle Beach to look like in 10 or 15 years as either a tourist or someone who lives here.
Why is Myrtle Beach Growing?
Myrtle Beach has always been growing. Ever since it got discovered by the tourism industry around 1900, the city has never looked backwards. What was once a small, seaside community has turned into one of the fastest growing cities in the entire United States. Myrtle Beach is unrecognizable from about 50 years ago, and there is reason to believe that the same will be said in another 50 years. It is very clear that it is happening, but exactly why is Myrtle Beach growing so quickly?
There are many factors driving this growth, but three of them are what dominates the inundating growth. They are the economy, the weather and geography, and the endless list of things to do in the area. This post will take a look at each of these growth-driving factors now.
How is the Economy Driving Population Growth in Myrtle Beach?
Myrtle Beach is a tourist wonderland at its core, which has led to a really unique economic makeup in the area. Typically, tourist destinations are dominated by service-industry jobs, like hotels and restaurants. This used to be the case in the Grand Strand, and to an extent it still is. However, the massive influx of new residents has caused large companies to reevaluate their South Carolina operations. Many companies are opening offices in and around Myrtle Beach in order to capitalize on the young jobseekers that are moving there. This expanse in job opportunities is part of a positive cycle that simply leads to more people moving to Myrtle Beach, who will then be followed again by more jobs. It is a very good cycle to be stuck in.
The job market isn’t the only attractive part of Myrtle Beach’s economy, though. The cost of living and many aspects of it are particularly of note. Firstly, the cost of living is very low. Myrtle Beach is one of the most affordable mid-major cities to live in on the East Coast. This is due partially to low statewide taxes and partially to other local factors, but the moral of the story here is that your paycheck can go a lot further in Myrtle Beach that it can in many other places. While low cost of living is typically matched with lower wages, many of the new employment opportunities coming to the area are offering very competitive pay.
On top of the low cost of living, the real estate market is strikingly affordable and accessible. The average home price in Myrtle Beach is somewhere between $150,000 and $175,000, which is less than half the national average of $375,000. Being able to get a quality home at that price is an absolute bargain, and as the area grows, your investment probably will too. We are Myrtle Beach realtors, after all; we know the housing market here pretty well, if we do say so ourselves.
As many job opportunities shift toward being fully remote, many people are starting to move away from the big cities and towards more enjoyable areas, like the coast. Myrtle Beach has been a big recipient of those remote workers, and as the job expectations continue to shift toward full time work from home, the expectation is that Myrtle Beach continues to capitalize on that demographic of workers.
How do Weather and Other Geographical Factors Drive Population Growth in Myrtle Beach?
This question has a much simpler answer than the one above, as it is just a matter of logic. South Carolina, and specifically Myrtle Beach, has incredible weather. The state sees four distinct seasons every year, but with much less drastic winters and summers. It still gets chilly in the winter and toasty in the summer, but the winters are much more like a Pennsylvania spring, and the summers are much less hot and humid than Florida. The weather throughout the brunt of the year is between the 60s and 80s, and the amount of sunshine is spectacular. You can hang out on the beach for the good majority of the year without it being too cold to enjoy.
Geographically, Myrtle Beach’s positioning around the center of the East Coast makes it a very attractive option for people who are from a northern state like New Jersey or Pennsylvania who want warmer weather without the need to fly. As Myrtle Beach is drivable from these states, many people prefer it over Florida. The same can actually be said coming from the other direction, too. Some people living in a place like Florida or Georgia really covet the idea of having four distinct seasons, and opt to move to Myrtle Beach (or somewhere else in South Carolina) to attain that without giving up their warm summers.
How does the Amount of Entertainment Venues Drive Population Growth in Myrtle Beach?
Myrtle Beach is simply a very fun place to live, and people come just for that. With housing prices cheaper than the average in places like North Dakota and Idaho yet more restaurants per capita than New York City, you can get a lot of bang for your buck in Myrtle Beach. The city is built around tourism, after all, and by living in Myrtle Beach you get access to world-class venues designed to please the 20 million tourist that visit the area each year. With remote work on the rise and people having full flexibility about where they live, places like Myrtle Beach are booming.
So, what will Myrtle Beach be like in 10 years? All signs are pointing towards it maintaining its status as a premier tourist destination while also becoming an economically powerful city. In some ways, Myrtle Beach could turn into a more family-friendly Miami, of sorts. The population is poised to keep growing, the infrastructure already exists to handle many more people than the city does as of now, and the property developers already have plans for endless more new skyrises and condo buildings. Investing in a life in Myrtle Beach now can help you to get in before the prices jump, and watching the city transform is bound to be fun. Thank you for reading our post about the future of Myrtle Beach! We hope that reading this post has been useful for you as you consider a move to Myrtle Beach or anywhere else in the Grand Strand.
If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.
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Written by Greg
