GEORGETOWN — The city of Georgetown was listed as the Best Vacation Spot to Retire, according to MagnifyMoney, a branch of LendingTree.
Not too far behind, in the No. 5 spot, was Myrtle Beach, followed by Hilton Head at No. 14.
In order to make the list, metro areas had to have between 5 percent and 30 percent of their housing stock dedicated to secondary homes. MagnifyMoney then ranked them based on seven metrics: affordability, access to health care, average daily temperature, percentage of residents 65 and older, older adults below the poverty line, monthly housing costs and fun things to do.
Vacation homes make up 24 percent and 25 percent of homes in Georgetown and Myrtle Beach, respectively, according to the report. Residents 65 and older make up 27 of Georgetown's population and 25 percent of Myrtle Beach's population, the report showed.
Georgetown has long strived for affordable living wages and a notable finding from the report showed 9.2 percent of older adults live below the poverty line, the third largest percentage in the top 25 communities listed behind Payson, Ariz., and Sonora, Calif. Meanwhile, monthly housing costs are $812 for Georgetown and $904 for Myrtle Beach.
According to the most recent census data, average household income in the city Georgetown is $32,600, which would make affordable housing in the city no more than $815 a month, or 30 percent of income.
Average daily temperatures for both communities hovered in the mid-60s.
To view the report, log on to tinyurl.com/MagnifyGtownMB.