Myrtle Beach has done it once again! For the third straight year, Myrtle Beach is ranked No. 1 by U.S. News & World Report as the fast-growing place in the country for 2023-2024.
The list is based off “the net migration of each metro area, which is measured by the growth or decline of the population over the past five years.” The percent increase is measured over that period of time to determine where the most people are moving.
Myrtle Beach tops out major metros in Florida, like Sarasota, Daytona Beach, and Fort Myers, as well as Boise, Idaho, in the top ten. Myrtle Beach was also ranked No. 18 by U.S. News & World Report’s Best Places to Live list and No. 28 in its Best Places to Retire category.
Why Myrtle Beach? Here are some reasons cited by the experts that Myrtle Beach attracts young professionals, growing families, retirees (primarily from the Northeast and West Coast), and empty nesters:
- Warmer, sunnier weather
- Lower cost of living
- Lower property taxes
- More affordable homes (at a bigger size for the price tag)
- More golf courses
- Outdoors lifestyle
This top ranking is despite homes in Myrtle Beach selling for 10.7 percent more than they did a year ago, with the median home price in August 2023 at $313,664 and median price per square foot at $214. The trend of the desire to move to a different part of the country affects a record-high 25.8 percent of homebuyers, which is up 23.7 percent from a year ago, according to Redfin. That’s a steady climb since the pandemic began, when it was approximately 18 percent in 2018 and 2019.
On top of this Myrtle Beach ranking is also being named in the “Top 10 U.S. Destinations for Fall Travel” by TripAdvisor at No. 8 for the second straight year, which could be impactful for those owning short-term rental properties.
With that in mind, the Myrtle Beach Convention and Visitors Bureau also reports that fall accommodation bookings are coming in last minute and at a slower pace compared to the previous two years, but those visitation numbers remain higher than pre-pandemic levels. And the Myrtle Beach Area Chamber says it expects business travel to see double-digit growth in both volume and spending by the end of the year. It is reported that the area has also seen more visitors from Canada, as compared to pre-pandemic numbers.