Greenville vs Myrtle Beach: Housing Costs in South Carolina
Side-by-side comparison of home prices, mortgage payments, and housing costs between Greenville and Myrtle Beach, South Carolina. Using South Carolina's 0.57% property tax rate and $2,600/year insurance. Updated for 2026.
Metric
Greenville
Myrtle Beach
Median Home Price
$295K
$285K
Population
72,095
35,682
Average Rent
$1,350/mo
$1,280/mo
Est. Monthly Mortgage (P&I)
$1,678/mo
$1,621/mo
Est. Monthly Property Tax
$140/mo
$135/mo
Est. Monthly Insurance
$217/mo
$217/mo
Est. Total PITI
$2,146/mo
$2,080/mo
Price-to-Rent Ratio
18.2
18.6
Verdict
Myrtle Beach edges out Greenville in affordability, saving you roughly $66/month on total housing costs. Both cities are in South Carolina, so property tax rates and insurance costs are the same — the difference comes down to home prices and what you get for your money in each market.
Monthly Payment Comparison
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses South Carolina's 0.57% property tax rate.
Greenville
Home Price$295,000
Down Payment (10%)$29,500
Loan Amount$265,500
Monthly P&I$1,678
Monthly Property Tax$140
Monthly Insurance$217
Monthly PMI$111
Total PITI$2,146/mo
Annual property tax: $1,682
Myrtle Beach
Home Price$285,000
Down Payment (10%)$28,500
Loan Amount$256,500
Monthly P&I$1,621
Monthly Property Tax$135
Monthly Insurance$217
Monthly PMI$107
Total PITI$2,080/mo
Annual property tax: $1,625
Buying in Myrtle Beach saves you approximately $66/month ($792/year) compared to Greenville, based on median home prices with identical loan terms.
Which City Is Better For...
First-Time Buyers
Myrtle Beach is the better choice for first-time buyers, with a median price of $285K versus $295K in Greenville. That's $10K less to save for a down payment. You'd need roughly $10K for an FHA 3.5% down payment in Myrtle Beach, compared to $10K in Greenville. South Carolina offers the SC Housing Palmetto Home program (Up to $8,000 forgivable) which applies in both cities.
Real Estate Investment
Greenville has the better price-to-rent ratio at 18.2x versus 18.6x in Myrtle Beach. A lower ratio generally signals better rental income relative to purchase price. Average rent in Greenville is $1,350/month on a $295K median home, making it a stronger candidate for buy-and-rent investors.
Families
Greenville (pop. 72,095) offers more amenities, schools, and services typical of a larger city, while Myrtle Beach (pop. 35,682) may offer a quieter, more community-oriented lifestyle. Families on a budget may prefer Myrtle Beach, where lower housing costs free up more income for childcare, education, and savings.