Cost Of Living In Charleston, SC

Charleston cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Charleston	South Carolina	National
Cost of living index	114	97	100
Index	Charleston	South Carolina	National
Goods & Services index	106	105	100
Groceries index	104	105	100
Health care index	103	101	100
Housing index	131	80	100
Transportation index	93	96	100
Utilities index	124	107	100

An overview of the general cost of living index for Charleston, SC is displayed above for your reference. Residents in Charleston, SC enjoy a cost of living index of 114. This index is 17% higher than the South Carolina average, and 14% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Charleston, SC, the average cost of goods and services is equal to it is in South Carolina, and it is 6% higher than the national average.

Did you know?

The cost of living in Charleston is 17% higher than the South Carolina average.
The cost of living in Charleston is 14% higher than the national average.
The cost of housing in Charleston is 31% higher than the national average.
South Carolina general sales tax is 18% higher than the national average.
South Carolina state income tax is 100% lower than the national average.

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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

The salary calculator allows you to compare how much your current salary in Charleston, SC would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Charleston, SC, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Charleston, SC salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$82,923	$6,910	$1,935	$2,488
Renters	$31,861	$2,655	$743	$956

If you want to find a good determining factor for the cost of living and the general affordability of housing in Charleston, SC, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Charleston, SC, the median monthly income is $82,923 for those who own their own homes. Under the standard rule, that income level would allow for $1,935 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $31,861, per the median income in the area. That would allow for renters to spend up to $743 on monthly rental expenses.

South Carolina Sales Tax

State	General Sales Tax	With Max Surtax
South Carolina	6%	9%

South Carolina Income Tax

State	Income Tax (Low)	Income Tax (High)
South Carolina	0%	7%

For those who live in Charleston, SC and want to know what the true cost of living is, they ought to look at both the South Carolina income tax rate and the South Carolina sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In South Carolina, the sales tax is 6%, while the most you'll pay in surtax is 9%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in South Carolina, the income tax rate ranges between 0% to 7%.

Goods & Services

Item	Charleston	National avg.	Difference
Haircut	$14.39	$15.56	7.5%
Beauty Salon	$41.03	$36.11	13.6%
Toothpaste	$2.98	$2.47	20.5%
Shampoo	$1.01	$0.96	4.3%
Movie	$7.73	$10.13	23.6%
Bowling	$4.51	$4.74	4.7%

Groceries

Item	Charleston	National avg.	Difference
Ground Beef	$3.88	$3.98	2.6%
Fried Chicken	$1.34	$1.41	5.0%
Milk	$1.94	$2.06	6.0%
Potatoes	$3.45	$2.98	15.8%
Pizza	$8.91	$9.47	5.9%
Beer	$8.81	$8.79	0.2%

Health Care

Item	Charleston	National avg.	Difference
Optometrist	$108.98	$101.04	7.9%
Doctor	$109.17	$107.44	1.6%
Dentist	$93.58	$90.42	3.5%
Ibuprofen	$9.97	$9.28	7.4%
Lipitor	$427.27	$426.50	0.2%

Housing

Item	Charleston	National avg.	Difference
Home Price	$248,200.00	$175,700.00	41.3%
Avg. Mortgage Payment	$990.27	$1,133.23	12.6%
Apartment Rent	$989.00	$920.00	7.5%

Transportation

Item	Charleston	National avg.	Difference
Gasoline	$1.89	$1.99	5.1%
Tire Balancing	$40.74	$45.76	11.0%

Utilities

Item	Charleston	National avg.	Difference
All Electricity	$251.74	$163.81	53.7%
Phone	$24.09	$28.39	15.1%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
North Charleston, SC	102,143	100	-0%
Hanahan, SC	18,999	105	5%
Goose Creek, SC	38,545	105	5%
Mount Pleasant, SC	72,379	129	29%
Folly Beach, SC	2,679	162	62%
Charleston, SC	125,458	114	14%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Stamford, CT	125,401	162	62%
Simi Valley, CA	125,699	147	47%
Hartford, CT	125,211	112	12%
Coral Springs, FL	125,150	116	16%
Concord, CA	125,017	140	40%
Charleston, SC	125,458	114	14%

Source: The Charleston, SC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.

Charleston, SC Cost of Living