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Myrtle Beach, SC mortgage & affordability calculator

The typical home in Myrtle Beach, SC is worth about $320,000. With 20% down that's a loan near $256,000 — the calculator is pre-filled with that figure. A large share of Myrtle Beach's housing stock is second homes and short-term rentals, which South Carolina assesses at a 6% ratio rather than the 4% rate owner-occupants get — a distinction that can roughly double the effective property tax bill on an otherwise identical house. Coastal wind exposure also makes insurance one of the priciest line items in the state.

$1,662.11 / month

Total interest
$342,363
Total paid
$598,363
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$64k$128k$192k$256k0612182430Year

How much you need to earn

Myrtle Beach, SC's median household income is about $58,000 a year. Under standard 28/36 lending rules that supports a home price around $210,833 with 20% down — below the $320,000 typical price, so many buyers need a larger down payment, a co-borrower, or a longer commute.

$210,819 max home price

Max loan amount
$146,819
Housing payment budget
$1,353
P&I budget
$953
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in Myrtle Beach, SC is about $1,600 a month, so owning the median home costs roughly $462 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Myrtle Beach, SC?
On the metro's roughly $320,000 typical home with 20% down, the loan is about $256,000. Principal and interest run near $1,662 a month at today's rate, and Myrtle Beach, SC's property tax plus insurance add about $400, for a full payment near $2,062.
Can I afford a home in Myrtle Beach, SC on the median income?
The median household income is about $58,000 a year. Under standard 28/36 lending rules that supports a home price around $210,833 with 20% down — below the $320,000 typical price, so buyers often need a larger down payment or a co-borrower.
Is it cheaper to rent or buy in Myrtle Beach, SC?
Typical asking rent is about $1,600 a month. The full owner payment on a median home is near $2,062, so owning costs roughly $462 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Myrtle Beach, SC?
The effective property tax rate in the core county is about 0.50% of market value — roughly $1,600 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Myrtle Beach, SC rising or falling?
Home values are up about 2% over the past year. A large share of Myrtle Beach's housing stock is second homes and short-term rentals, which South Carolina assesses at a 6% ratio rather than the 4% rate owner-occupants get — a distinction that can roughly double the effective property tax bill on an otherwise identical house. Coastal wind exposure also makes insurance one of the priciest line items in the state.

Nearby metros

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