Is Myrtle Beach SC expensive? You might be surprised when it comes to paying bills.

Adam Benson
·2 min read

Myrtle Beach residents have lower than average bills every month compared to other metropolitan areas, but households are racking up credit card debt fast.

That’s the conclusion of two separate consumer groups this week that give differing perspectives of local economic conditions headed into the start of a fresh fiscal year.

It’s less expensive than you might think to pay for basic needs in Myrtle Beach

A June 21 report by bill management firm doxo said payments are nearly $2,800 less every year for city residents as compared to the national average, with household expenses coming in at 11.3% lower.

Doxo said monthly bills in Myrtle Beach lag behind the U.S. median in nearly every category, from mortgages and rents to auto loans, utilities and insurance costs.

Here’s how much doxo says residents in other Horry County communities save on bills annually compared to national averages:

  • Conway, $4,111

  • Little River, $5,411

  • Loris, $8,526

  • Murrells Inlet, $4,807

  • North Myrtle Beach, $2,904

Myrtle Beach chief financial officer Michelle Shumpert said the city’s vacation-driven economy remains high performing, with revenues from accommodations tax and tourism development fees projected to come in higher than expected.

“There is less and less sentiment that we’re going to go into a deep recession by year end, and mainly that’s because of the wages and the job growth,” she said.

Credit card debt is saddling the Myrtle Beach metro area, but scores are improving fast

Travel company Upgraded Points, which culls economic and financial data that allows consumers to calculate the value of airline rewards, issued an in-depth ranking of 350 metropolitan areas based on how much credit card debt its populations carry.

According to the study, the Myrtle Beach metropolitan area is 12th worst among mid-sized areas, with 3.2% of residents carrying some sort of debt.

But that might not be the case for long.

Credit rating agency Experian says Myrtle Beach is near the top when it comes to credit score improvements, with scores leaping from an average of 681 in 2016 to 712 last year.