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Cost of Living in South Carolina

Are you considering a move to South Carolina or already residing there? Understanding the cost of living is crucial for making informed financial decisions. In this guide, we break down the average expenses in various categories, giving you a comprehensive view of living costs in the Palmetto State.

Average Cost of Living in South Carolina:

The cost of living in South Carolina is approximately 6% lower than the national average. This makes it more affordable compared to states like California, yet slightly pricier than places like Tennessee. It’s important to note that costs can vary significantly depending on the specific city within the state.

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Housing:

In 2021, South Carolina’s average home price was 22% below the national average. The median home price in March 2022 was $330,708, still considerably lower than the national median. Rent for a two-bedroom apartment is also more affordable, coming in at $1,165, nearly $140 less than the national median.

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City Breakdown:

  • Charleston: $576,750 (Home Price), $1,514 (Rent)
  • Columbia: $303,900 (Home Price), $1,284 (Rent)
  • Greenville: $335,480 (Home Price), $1,113 (Rent)
  • Spartanburg: $299,000 (Home Price), $1,045 (Rent)
  • Sumter: $250,745 (Home Price), $858 (Rent) [2016-2020 Census Data]

Utilities:

Utilities in South Carolina are approximately 9% higher than the national average. Costs vary significantly across the state, with the west side, near Anderson, being more affordable, while Columbia sees a 30% above-average expense.

Groceries:

Grocery prices in South Carolina align closely with the national average. Interestingly, coastal cities like Charleston offer groceries at a 6% discount compared to the average.

Transportation:

Transportation costs, including gas, oil changes, and car insurance, are about 3% lower than the national average. However, this figure can fluctuate based on the city. Sumter sees an 8% above-average cost, while Columbia boasts a remarkable 17% below-average expense.

Health Care:

Health care costs in South Carolina range from 19% lower to 8% higher than the national average. Columbia stands out as the most budget-friendly city for health care, while Spartanburg tends to be pricier.

Common Health Care Costs in Greenville:

  • General doctor: $102 (Greenville) vs. $118 (Average U.S. City)
  • Dentist: $96 (Greenville) vs. $101 (Average U.S. City)
  • Eye doctor: $101 (Greenville) vs. $109 (Average U.S. City)
  • Ibuprofen: $11.02 (Greenville) vs. $9.93 (Average U.S. City)
  • Prescription drug: $493 (Greenville) vs. $470 (Average U.S. City)
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Miscellaneous Goods and Services:

Costs for miscellaneous items like clothing, school supplies, and leisure activities are close to the national average. Prices range from 4% higher than average in Columbia to 3% lower in Spartanburg.

Taxes:

South Carolina employs a graduated-rate income tax system, with rates varying from 0% to 7%. Notably, anyone earning over $16,040 per year faces the 7% tax rate, regardless of marital status.

Lowest and Highest Cost of Living Cities:

Greenville and Anderson offer the lowest cost of living, at 10% and 9% below the national average respectively. Charleston, though pricier, still falls in line with the national average cost of living.

Conclusion:

Understanding the cost of living in South Carolina is essential for making sound financial decisions. Whether you’re considering a move or currently residing in the state, these insights will help you budget effectively and make the most of your resources. Remember, with thoughtful planning and strategic decision-making, you can thrive in this beautiful southern state.

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