Myrtle Beach Ranks Fifth Among Fastest Growing U.S. Cities

News Summary

Myrtle Beach has soared in popularity, securing the fifth position in U-Haul’s annual growth index for 2024. This coastal city in South Carolina is becoming a favored destination for new residents, with 53% of moving traffic indicating arrivals. The city has transitioned from a vacation hot spot to a preferred home, attracting retirees and families alike with its moderate climate and affordable living. However, rapid population growth has led to housing challenges, including rising prices and rental costs, prompting concerns for locals and newcomers.

Myrtle Beach Surges in Popularity, Earns Fifth Spot Among Fastest Growing U.S. Cities for 2024

All eyes are on Myrtle Beach, a beautiful coastal gem in South Carolina, as it recently snagged the title of the fifth fastest growing city in the U.S. for 2024 according to U-Haul’s annual growth index. With its welcoming vibe and stunning seaside views, it’s no wonder people are flocking to this picturesque spot!

Top of the Charts!

In the exciting world of U-Haul’s growth rankings, the top four cities ahead of Myrtle Beach are all located in either sunny Florida or charming Virginia. Leading the pack is Ocala, Florida, closely followed by three others from the same states. Despite such strong competition, Myrtle Beach has made a spectacular entrance into the top five for 2024!

Moving Trends in Numbers

Let’s dive into some juicy numbers! In 2024, a hearty 53% of U-Haul’s moving traffic was dedicated to those arriving in Myrtle Beach, while only 47% were heading out. This indicates that more folks are choosing to make this vibrant location their new home, although there has been a small slowdown in overall moving activity.

Shifting from Vacation Spot to Home Sweet Home

Recent years have seen Myrtle Beach transform from a beloved vacation hub to a bustling, more developed city. The population has seen impressive growth, jumping from about 27,000 in 2010 to an estimated 35,000 by 2020—an eye-opening 32% increase over the decade! With nearly a quarter of its residents over 65, it’s also becoming a favorite retirement haven.

The moderate climate, proximity to the ocean, and affordable living are just a few of the key ingredients in the recipe for Myrtle Beach’s success as a preferred destination.

South Carolina Takes the Lead

In broader moving trends, Southern cities are taking center stage. While Texas had been the growth leader from 2021 to 2023, South Carolina has claimed the spotlight in 2024. An impressive 51.7% of U-Haul’s one-way traffic is now attributed to arrivals in South Carolina. It’s clear that this state is capturing the hearts of many new residents.

Cost of Living and Job Growth

What’s drawing so many people to South Carolina, you ask? The cost of living is approximately 7% lower than the national average, making it an attractive option for those looking to settle down. Over the past five years, the state has also experienced a healthy 7% increase in employment, with significant contributions from sectors like manufacturing, tech, and healthcare.

The Housing Crunch

Despite these positive trends, it’s important to note that Horry County, where Myrtle Beach is located, has struggled to keep up with the rapid population growth. Between 2013 and 2022, the region saw a staggering 29% increase in its population, but the housing supply hasn’t kept pace. This discrepancy has led to higher home prices, with low-end homes skyrocketing from $95,000 in 2013 to $187,500 in 2022. The median housing price now sits at an estimated $275,000.

Renting vs. Buying: A Tough Choice

Renting is hitting locals hard too! In just nine years, rent prices in Horry County jumped over 66%, reaching around $2,050 for median rents in Myrtle Beach. Young locals, particularly those under 40, are finding it difficult to enter the housing market as prices soar, while salaries remain stagnant. The influx of newcomers only adds to the competitive atmosphere in the housing game.

Conclusion: The Myrtle Beach Allure

Myrtle Beach is clearly making waves as a sought-after destination. While challenges such as rising prices and growing competition loom overhead, its natural charm and growth potential continue to catch the eye of many eager newcomers. With more people choosing to call this lovely coastal town home, the future looks bright for Myrtle Beach!