What is the cost of living in South Carolina?
The cost of living in South Carolina is 6.6% lower than the US average. According to MIT, the required living wage for a family of four with two working parents in South Carolina is $83,827 vs the national average for a family of four with two working parents of $89,744. The median income of a South Carolina household is $54,864.
The average home price in South Carolina is $170,100, which is lower than the US average home price of $229,800. Median rent in South Carolina is $918/mo which is lower than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 3.1 to 1. That means it takes roughly 3.1 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, South Carolina has a low cost of living compared to America as a whole.
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People Also Ask About South Carolina
Is South Carolina a dangerous state?
Yes, South Carolina is a dangerous state as it ranks as the #3 most dangerous state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in South Carolina ranks seventh most dangerous in the United States -- 43.5% worse than US average violent crime rate. The property crime rate in the Palmetto State ranks fifth most dangerous in the United States -- 39.23% worse than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Charleston, SC a dangerous city?
No, Charleston is not a dangerous city. Charleston ranks as the #98 safest out of 328 major cities over 100,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Charleston might be considered safe you still need to be aware of where you are.
Compared to other big cities, the violent crime rate in Charleston ranks 202nd highest in America -- 32.28% better than US average violent crime rate. The property crime rate in the ranks 229th highest in the United States -- 30.76% better than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in South Carolina has the lowest cost of living?
The county in South Carolina with the lowest cost of living is Abbeville County. The average living wage in Abbeville County is $78,818 according to MIT data. Abbeville County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to South Carolina as a whole. Childcare costs $9,273 a year in Abbeville County for two children compared to the South Carolina average of $10,594. Housing costs, defined as a blend of the average rent and average mortgage payment, are $8,148 per year in Abbeville County compared to $11,223 on average in South Carolina.
What is the cheapest housing market in South Carolina?
The cheapest housing market in South Carolina is Chester. The average home value in Chester is $67,700, the lowest in the state. The average home value in South Carolina is $170,100, almost 2.5 times higher than Chester.