Looking for the national Refinance Savings? Refinance Savings Calculator.
Refinance Savings Calculator for Myrtle Beach, SC
Local data pre-filled
With Myrtle Beach's median home valued at $337,428 and a 0.58% property tax rate, refinancing could save you hundreds per month depending on your current rate. Calculate your break-even point and total savings for a Myrtle Beach refinance.
✓ Calculator below is pre-filled with Myrtle Beach local data
Data as of · Sources: Zillow, Census ACS, Tax Foundation, Freddie Mac
South Carolina Financial Snapshot (2026) — Refinance Savings Calculator
Home value, monthly carrying cost, property tax, and insurance are the four levers for the refinance savings calculator in South Carolina.
How the Refinance Savings Calculator Math Works Under South Carolina Law
Every real-estate number on this page runs through the same core identity: the monthly principal-and-interest payment on a fully amortizing fixed-rate loan is M = P · r / (1 − (1+r)^(−n)), where P is the loan principal, r is the monthly rate (annual rate / 12), and n is the term in months. For a typical South Carolina buyer in 2026, P starts from an $295,000 median home value (Zillow ZHVI)[1], minus a standard 20% down payment.
On top of P&I the calculator adds the two South Carolina-specific carrying costs: property tax at the state effective rate of 0.55%[2] and homeowners insurance at roughly $1,290/year (NAIC state average)[3]. The Freddie Mac PMMS national average 30-year fixed rate (6.30% (Freddie Mac PMMS · week of ))[4] drives the payment curve — South Carolina rate quotes can move a few basis points around that number depending on lender, loan size, and credit band.
Calc-specific note: Break-even months = closing ÷ monthly savings. If you plan to stay past that point, refi wins.
Local context: Myrtle Beach, SC
Housing economics in Myrtle Beach, SC. The median home value runs 5.7% below the U.S. baseline for Myrtle Beach, SC is $337,428 per Zillow's home-value index. Median rent runs $1,727 a month per Zillow ZORI, cheaper than the national $1,850 baseline. Effective property tax sits at 0.58% of assessed value, below the 0.99% national average tracked by the Tax Foundation.
Income and tax climate. South Carolina's top marginal state income tax bracket lands at 7.00% — compared to the volume-weighted national average around 4-5%. BEA's Regional Price Parity scores Myrtle Beach, SC at 96.0 (national = 100), meaning a dollar in Myrtle Beach, SC buys 104¢ — more goods and services than the same dollar nationally.
Local context as of 2026-04-19.
Myrtle Beach versus the U.S. baseline
| Metric | Myrtle Beach, SC | U.S. baseline | Difference |
|---|---|---|---|
| Median home value[zillow] | $337,428 | $358,000 | -5.7% |
| Median monthly rent[zillow] | $1,727 | $1,850 | -6.6% |
| Property tax (effective)[tax-foundation] | 0.58% | 0.99% | -41.4% |
| State top marginal income tax[tax-foundation] | 7.00% | ~4.08% (volume-weighted) | 2.9 pp |
| State cost-of-living index[bea-rpp] | 96.0 | 100.0 | -4.0 pts |
How to use the Refinance Savings Calculator
Walk through using the Refinance Savings Calculator with Myrtle Beach, SC-specific defaults pre-loaded from primary sources.
- Enter your Myrtle Beach numbersFill in the refinance savings inputs. Defaults reflect Myrtle Beach, SC 2026: median home $337,428, median rent $1,727/mo, 0.58% effective property tax.
- Apply the local 2026 inputsThe median home value in Myrtle Beach is $337,428 (Zillow ZHVI), with median monthly rent running $1,727/mo.
- Compare against Myrtle Beach contextMonthly PITI on the $337,428 median home in Myrtle Beach is ~$2,192/mo — vs a $1,727/mo median rent.
How South Carolina Compares to Neighboring States
| State | Median home | Top inc tax | Prop tax rate | RPP (US=100) |
|---|---|---|---|---|
| South Carolina (this page) | $295,000 | 6.20% | 0.55% | 93.5 |
| Georgia | $325,000 | 5.39% | 0.92% | 96.5 |
| compare to North Carolina | $330,000 | 4.25% | 0.82% | 94.4 |
Sources: Zillow ZHVI[1], state Departments of Revenue / Tax Foundation[2], Tax Foundation property taxes[3], BEA Regional Price Parities[4].
What Changes Your Result in South Carolina
- Down payment size:South Carolina's typical down payment is 8.0%according to NAR survey data. Every 5% shift changes the monthly P&I by roughly 5–6% of the headline payment.
- First-time buyer programs:South Carolina runs state-level first-time buyer programs (DPA, MCC) that can cut effective down payment costs by $5,000–$15,000 for qualifying buyers. See programs block below.
- County-level property tax variance:The state effective rate shown in the snapshot is a statewide weighted average. Within South Carolina, county rates can swing ±30% around the median, especially in border counties with differing school-district mill levies.
Related Calculations for South Carolina
- South Carolina's mortgage payment rules — refinancing changes the payment you calculated.
- heloc by South Carolina — cash-out refi vs HELOC is the same decision.
How Myrtle Beach Compares to the National Average
Understanding how Myrtle Beach stacks up helps you calibrate your financial planning.
| Metric | Myrtle Beach, SC | US Average | Difference |
|---|---|---|---|
| Median Home Price | $337,428 | $420,800 | -19.8% |
| Median Monthly Rent | $1,727 | $1,713 | +0.8% |
| Median Household Income | $64,623 | $74,580 | -13.4% |
| Property Tax Rate | 0.58% | 1.10% | -47.3% |
| Cost of Living Index | 96 | 100 | -4.0% |
Sources: U.S. Census Bureau, BLS, Zillow, NAR (2024–2025). Green = favorable for residents; red = less favorable.
Myrtle Beach Financial Snapshot
- Population (Metro)
- 530,000
- Unemployment
- 3.5%
- Avg Commute
- 22 min
- Median Age
- 40
- Price-to-Rent Ratio
- 16.3x
- Annual Property Tax
- $1,957
More Financial Calculators for Myrtle Beach, SC
Refinance Savings Calculator in Other South Carolina Cities
Frequently Asked Questions — Myrtle Beach
- Can median-income households afford the median home in Myrtle Beach?
- With a ~$2,192 monthly PITI and $64,623 median income, housing would consume ~40.7% of gross annual income. Qualifying under the 28% DTI rule requires ~$93,943 in annual income. Educational reference only.
- Is it better to rent or buy in Myrtle Beach?
- Myrtle Beach's price-to-rent ratio (16.3x) is roughly neutral — in the 15-20x range the decision depends on time horizon and wealth goals.
- What is the annual property tax bill on the median home in Myrtle Beach?
- Approximately $1,957/yr at the 0.58% effective rate on the $337,428 median home. The national average effective rate is 1.07%.
- What share of median income goes to rent in Myrtle Beach?
- The $1,727/mo median rent represents 32.1% of the $64,623 median household income. The recommended housing cost threshold is 30%; Myrtle Beach exceeds that guideline. Educational reference only.
- How much does commuting cost in Myrtle Beach?
- Average commute time in Myrtle Beach is 22 minutes per ACS. Estimated annual commute cost runs about $3,832. Educational reference only.
- How does the cost of living in Myrtle Beach compare to the national average?
- Myrtle Beach's BEA RPP index is 96, 4% below the national baseline of 100. For a household earning the national median income of $77,540, this translates to ~$3,102/yr in purchasing power difference. Educational reference only.
- What is the median home price in Myrtle Beach, SC?
- The median home price in Myrtle Beach is $337,428 as of 2025–2026.
- What is the average rent in Myrtle Beach?
- The median monthly rent in Myrtle Beach, SC is $1,727.
- Does the refinance savings replace professional advice?
- No. This calculator gives educational estimates using public Myrtle Beach data and standard formulas. It is not personalized tax, legal, or investment advice. Consult a licensed professional for decisions with material consequences.
South Carolina State Context
South Carolina Real Estate Tips
South Carolina's median home price of $315,000 is below the national average, with Charleston metro above and upstate areas below.
SC Housing offers Palmetto Heroes and other DPA programs for qualifying buyers.
South Carolina's legal residence (homestead) exemption provides a 4% assessment rate vs. 6% for non-primary-residence — significant tax savings.
South Carolina Homebuyer Programs
- ✓SC Housing Palmetto Heroes — below-market mortgages with DPA for public servants.
- ✓SC Housing Homebuyer Program — DPA up to $12,000 as a forgivable loan.
Statewide South Carolina figures apply broadly across Myrtle Beach. County- and city-level variation can be significant — verify against local sources before closing a transaction. [3]
How we compute this — methodology
The Myrtle Beach page uses local median home price ($337,428), median rent ($1,727/mo), and property tax rate (0.58%) alongside the calculator's client-side formula. Calculations run in your browser — no inputs are sent to a server.
Known limits: ZIP-level variance within Myrtle Beach can be substantial — the figures shown are city-wide medians. For a precise property tax quote, consult your county assessor.
Sources
- Zillow Research — ZHVI (Zillow Home Value Index) + ZORI (Zillow Observed Rent Index), city-level. zillow.com/research/data. Retrieved 2026-04-19.
- U.S. Census Bureau — American Community Survey (ACS) 5-year estimates for median household income and population. census.gov/programs-surveys/acs.
- CalcFi state financial context — tips + first-time homebuyer programs compiled from each state's Housing Finance Authority (HFA) public pages. See
src/data/state-financial-context.ts. - Tax Foundation — state property tax effective rates and state/local sales tax rates. taxfoundation.org.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly national mortgage rate averages used by mortgage-related calculators. freddiemac.com/pmms.
- Freddie Mac Primary Mortgage Market Survey (PMMS) — weekly national mortgage rates — www.freddiemac.com/pmms. Retrieved 2026-04-19.
- NAIC Dwelling Fire, Homeowners Owners, and Homeowners Tenants Insurance Report — content.naic.org/article/homeowners-insurance-report. Retrieved 2026-04-19.
- State Departments of Revenue — official bracket + deduction publications (one primary URL per state; linked in the brackets table below) — taxfoundation.org/data/all/state/state-income-tax-rates. Retrieved 2026-04-19.
- Bureau of Economic Analysis — Regional Price Parities by State — www.bea.gov/data/prices-inflation/regional-price-parities-state-and-metro-area. Retrieved 2026-04-19.
- U.S. Department of Labor — State Minimum Wage Laws — www.dol.gov/agencies/whd/minimum-wage/state. Retrieved 2026-04-19.
- FRED (Federal Reserve Economic Data) — real median household income, unemployment, HPI, LFPR per state — fred.stlouisfed.org. Retrieved 2026-04-19.
- BLS Occupational Employment and Wage Statistics (OEWS) — state-level occupational wages — www.bls.gov/oes. Retrieved 2026-04-19.
Spot an error? Email [email protected] with the URL and the correct figure.
Related Calculators & Locations
Same Calculator, Other States
Related Calculators for Myrtle Beach
National reference: Refinance Savings Calculator