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Monday, February 17, 2020

A Closer Look at the Cost of Living in Charleston, SC

What is the Cost of Living in Charleston, SC?Those with a keen eye on moving to South Carolina have likely wondered what the cost of living in Charleston might be. Many are drawn by this lovely city’s warm coastal climate, modern entertainment options, amazing sports teams, and its reputation for friendly folks.

Whether moving is a result of being transferred by an employer or a personal desire to be closer to all that this southern coastal community has to offer, this information about the average cost of living in Charleston, SC, will come in handy. From home prices to taxes and food and fun, here’s what you need to know.

A Brief Look at Living Costs in Charleston

Annual averages in 2023 estimates found:

  • A single individual will spend an average of $857 per month, without rent, and $2440 with rent.
  • A four-person family without rent will spend $2,961 on average monthly. With rent, it was $5859
  • Charleston’s cost of living index is around 112, about 34% lower than NYC.
  • Compared to national averages, the cost of living in Charleston, SC, is 12% higher.

These figures are calculated based upon the estimates presented below.

Rent and Home Prices in Charleston

Rental prices are higher than the national average, with a typical Charleston apartment averaging $1,989 and 987 sq ft. Studios and one-bedrooms start around $1900, and two and three-bedrooms average in the $2,300 range monthly. Apartments, condos, townhomes, and single-family homes in Charleston are widely available both in the city and near the coastlines. However, many of the island properties are hard to snag, as rentals there are typically investment vacation properties.

The average price of a home in Charleston in 2022 was $389,615, but as of October 2023, homes in greater Charleston County had a median price of $660,000. Charleston home prices are still above average both in the state and nationwide. However, this range is all over the board and varies widely on the neighborhood and the property’s proximity to a beach. For example, West Ashley had a median price of $532,768 in October 2023 while Upper Charleston Peninsula was at $850,000. Of course, island properties command top dollar and drive the average citywide up quite a bit.

Income and Property Taxes in Charleston

Taxes in Charleston are progressive, and property taxes are relatively low statewide. Income taxes run citizens about 6.5% marginally on average, which places it as one of the highest in the nation.

Planning to buy a home or retire here? You’ll love this next perk. Property taxes in Charleston are among the lowest in the nation, and seniors are further rewarded with additional tax-related benefits. Residents do not need to pay any tax on their Social Security retirement benefits. Furthermore, seniors receiving additional retirement-related income can take a $15,000 tax deduction.

Utilities and Food Prices in Charleston

Energy, food, and other utilities in the city are a bit higher than national averages. Utility bills for a moderate home are estimated to be 13% higher in Charleston, with residents paying around $206 monthly. Internet charges average $60 monthly, while water and trash cost about $93 per month on top of electric use. Food prices are slightly higher than average, as items cost about 6% more here than in other US cities.

Everything Else is Extra

An individual’s lifestyle will impact their monthly living expenses. Children, clothing, education, medical care, and entertainment will add to the cost of living in Charleston, SC. For example, childcare averages $1200 monthly, and private school tuition for primary students averages $14,700 annually. Clothing and entertainment abound across the city, as do medical care providers and world-class hospitals.

MIT’s Living Wage Calculator for 2023 found that a family of four with two working adults and two children would need to make $77,211 after taxes to afford to live in Charleston. A single person would need $30,012.

That’s the inside scoop on what to expect for the average living cost in Charleston, SC. So, join the seaside fun in one of the most desirable cities in the state.

Updated November 2023

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Preston Guyton

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