F
39%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
127%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Hilton Head Island South Carolina National
Cost of living13993100
Goods & Services104100100
Groceries9999100
Health care10294100
Housing22780100
Transportation9791100
Utilities95107100

An Overview of Cost of Living in Hilton Head Island, SC

Knowing the cost of living in Hilton Head Island allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Hilton Head Island stands at 139, marking it 39% higher than the national average.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Hilton Head Island is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Hilton Head Island falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a very significant part of the Hilton Head Island cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 127% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Hilton Head Island Affordable?

Is Hilton Head Island affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Hilton Head Island, the median home price is 164.2% higher than the national average and monthly rent prices are 40.1% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Hilton Head Island boasting a median household income of $86,171, 55.8% higher than the national average.

What Factors can Influence the Cost of Living in Hilton Head Island?

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Hilton Head Island, the housing index is 127% higher than the national average.

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Hilton Head Island, the transportation index is 2.9% lower than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Where is the Data From?

The cost of living data in Hilton Head Island displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

New Real Estate Listings in Hilton Head Island Area
Search Homes for Sale in Hilton Head Island, SC

Cost Of Living Quick Facts

  • The cost of living in Hilton Head Island is 49% higher than the South Carolina average
  • The cost of living in Hilton Head Island is 39% higher than the national average
  • Hilton Head Island housing is 127% 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

Most Affordable Places to Live in and Around Hilton Head Island

See all the best places to live around Hilton Head Island

Compare Hilton Head Island, SC Cost of Living

      vs
      How would you rate the cost of living in Hilton Head Island?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Hilton Head Island?
      Write a review to give others more information about this area.
      See all Hilton Head Island poll results

      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$98,949$8,246$2,309$2,969
      Renters$45,536$3,795$1,062$1,366
      The affordability of the housing market in Hilton Head Island, SC as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Hilton Head Island homeowners, the median income is $98,949. This indicates that a monthly maximum of $2,309 should be spent by homeowners on all housing related costs. Renters have a median income of $45,536. This indicates that renters would have a maximum of $1,062 for their rent related monthly costs.

      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%

      Goods & Services

      Item Hilton Head Island National avg. Difference
      Haircut $26.56$24.269.5%
      Beauty Salon $53.61$45.5617.7%
      Toothpaste $3.50$3.705.5%
      Shampoo $1.21$1.285.5%
      Movie $10.50$12.1313.5%
      Bowling $22.67$18.0025.9%

      Groceries

      Item Hilton Head Island National avg. Difference
      Ground Beef $5.79$5.840.8%
      Fried Chicken $1.45$1.577.6%
      Milk $4.60$4.671.5%
      Potatoes $5.52$4.9311.9%
      Pizza $14.49$12.0919.9%
      Beer $10.68$10.412.6%

      Health Care

      Item Hilton Head Island National avg. Difference
      Optometrist $200.92$125.6859.9%
      Doctor $126.20$135.787.1%
      Dentist $104.00$113.298.2%
      Ibuprofen $10.65$10.650.0%
      Lipitor $532.91$468.6013.7%

      Housing

      Item Hilton Head Island National avg. Difference
      Home Price $488,000.00$184,700.00164.2%
      Avg. Mortgage Payment $2,171.17$2,346.697.5%
      Apartment Rent $1,330.00$949.0040.1%

      Transportation

      Item Hilton Head Island National avg. Difference
      Gasoline $3.24$3.466.3%
      Tire Balancing $63.17$59.925.4%

      Utilities

      Item Hilton Head Island National avg. Difference
      All Electricity $180.25$193.997.1%
      Phone $190.25$192.251.0%
      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 Population Cost of Living Index National Avg.
      Shell Point, SC2,991990.5%
      Port Royal, SC13,26511010.4%
      Wilmington Island, GA15,60711111.3%
      Bluffton, SC23,17612121.3%
      Talahi Island, GA1,22413333.1%
      Hilton Head Island, SC40,00013938.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Hagerstown, MD40,0271010.8%
      Montclair, CA40,04113635.5%
      Spanish Fork, UT40,06911515.0%
      Streamwood, IL39,91711212.3%
      Marion, IA39,910964.0%
      Hilton Head Island, SC40,00013938.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.