Isle of Palms 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.
IndexIsle of PalmsSouth CarolinaNational
Cost of living index18595100
IndexIsle of PalmsSouth CarolinaNational
Goods & Services index102101100
Groceries index108109100
Health care index107100100
Housing index37680100
Transportation index9493100
Utilities index112104100
Displayed above is a general overview of the Isle of Palms, SC cost of living index. The overall cost of living index in Isle of Palms, SC is 185, which is 95% higher than the South Carolina average and 85% higher than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Isle of Palms, SC are 2% higher than the South Carolina average and 2% higher than the national average.

Did you know?

  • The cost of living in Isle of Palms is 95% higher than the South Carolina average.
  • The cost of living in Isle of Palms is 85% higher than the national average.
  • The cost of housing in Isle of Palms is 276% 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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Compare Isle of Palms, SC Cost of living To Other Cities

Salary Calculator

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The salary calculator is meant to help you compare your salary in Isle of Palms, SC to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Isle of Palms, SC, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Isle of Palms, SC salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$102,829$8,569$2,399$3,085
Renters$60,476$5,040$1,411$1,814
One can approximate the cost of living and the housing affordability in Isle of Palms, SC by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Isle of Palms, SC have a median income of $102,829. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,399 per month to avoid calamity and poverty. The renters in the city have an income of about $60,476, which would make their monthly maximum allowable rental costs $1,411.

South Carolina Sales Tax

StateGeneral Sales TaxWith Max Surtax
South Carolina6%9%

South Carolina Income Tax

StateIncome Tax (Low)Income Tax (High)
South Carolina0%7%
One thing to keep in mind when considering the cost of living in Isle of Palms, SC is the South Carolina sales tax and South Carolina income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The South Carolina sales tax rate is 6% and the maximum surtax that can be charged is 9%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The South Carolina income tax rates range from 0% to 7%.

Goods & Services

ItemIsle of PalmsNational avg.Difference
Haircut $14.75$14.591.1%
Beauty Salon $38.90$34.6812.2%
Toothpaste $2.99$2.4720.9%
Shampoo $1.19$1.0216.4%
Movie $6.92$9.8729.9%
Bowling $3.31$4.3924.6%

Groceries

ItemIsle of PalmsNational avg.Difference
Ground Beef $4.52$4.481.0%
Fried Chicken $1.69$1.4615.4%
Milk $2.46$2.364.4%
Potatoes $3.66$3.0619.6%
Pizza $9.00$9.242.6%
Beer $8.79$8.631.8%

Health Care

ItemIsle of PalmsNational avg.Difference
Optometrist $100.50$99.780.7%
Doctor $108.23$105.033.0%
Dentist $104.00$88.7017.2%
Ibuprofen $10.19$9.418.3%
Lipitor $292.98$298.501.8%

Housing

ItemIsle of PalmsNational avg.Difference
Home Price $819,100.00$175,700.00366.2%
Avg. Mortgage Payment $918.55$1,081.0315.0%
Apartment Rent $1,514.00$920.0064.6%

Transportation

ItemIsle of PalmsNational avg.Difference
Gasoline $2.02$2.093.6%
Tire Balancing $38.79$45.2914.3%

Utilities

ItemIsle of PalmsNational avg.Difference
All Electricity$202.42$170.8018.5%
Phone $28.92$28.262.3%
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, StatePopulationCost of Living IndexNational Avg.
North Charleston, SC102,14398-2%
Hanahan, SC18,9991033%
Goose Creek, SC38,5451033%
Charleston, SC125,45811212%
Mount Pleasant, SC72,37912727%
Isle of Palms, SC4,24118585%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Del Mar, CA4,242216116%
Bellaire, OH4,23983-17%
Watertown, MN4,243100-0%
Temple, GA4,24491-9%
Desert Edge, CA4,24484-16%
Isle of Palms, SC4,24118585%
Source: The Isle of Palms, SC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.