Lake City 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.
IndexLake CitySouth CarolinaNational
Cost of living index8795100
IndexLake CitySouth CarolinaNational
Goods & Services index98101100
Groceries index104109100
Health care index97100100
Housing index5280100
Transportation index9993100
Utilities index115104100
A general overview of the cost of living index for Lake City, SC is displayed above. In Lake City, SC, the overall cost of living index is 87, which is 9% lower than the South Carolina average and 13% lower than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Lake City, SC, the city's goods and services are 3% lower than the South Carolina average and 2% lower than the U.S. average.

Did you know?

  • The cost of living in Lake City is 9% lower than the South Carolina average.
  • The cost of living in Lake City is 13% lower than the national average.
  • The cost of housing in Lake City is 48% lower 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 Lake City, SC Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in Lake City, SC to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Lake City, SC, you have to earn a higher income in order to still have the same standard of living. To operate the Lake City, SC salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$36,798$3,067$859$1,104
Renters$15,895$1,325$371$477
The affordability of the housing market in Lake City, SC as well as the overall cost of living can be indicated accurately 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 ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Lake City, SC homeowners, the median income is $36,798. This indicates that a monthly maximum of $859 should be spent by homeowners on all housing related costs. Renters have a median income of $15,895. This indicates that renters should have a maximum of $371 used for their rent related monthly costs.

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%
When assessing the complete cost of living in Lake City, SC, the South Carolina income tax and the South Carolina sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The South Carolina maximum surtax is 9%, and the South Carolina sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 0% to 7% in South Carolina.

Goods & Services

ItemLake CityNational avg.Difference
Haircut $13.60$14.596.8%
Beauty Salon $40.20$34.6815.9%
Toothpaste $2.52$2.471.9%
Shampoo $1.07$1.024.7%
Movie $8.50$9.8713.9%
Bowling $3.36$4.3923.5%

Groceries

ItemLake CityNational avg.Difference
Ground Beef $4.19$4.486.4%
Fried Chicken $1.45$1.461.0%
Milk $2.79$2.3618.4%
Potatoes $3.19$3.064.2%
Pizza $9.25$9.240.1%
Beer $8.43$8.632.3%

Health Care

ItemLake CityNational avg.Difference
Optometrist $93.20$99.786.6%
Doctor $102.00$105.032.9%
Dentist $81.20$88.708.5%
Ibuprofen $9.64$9.412.4%
Lipitor $316.28$298.506.0%

Housing

ItemLake CityNational avg.Difference
Home Price $80,100.00$175,700.0054.4%
Avg. Mortgage Payment $740.74$1,081.0331.5%
Apartment Rent $605.00$920.0034.2%

Transportation

ItemLake CityNational avg.Difference
Gasoline $2.06$2.091.7%
Tire Balancing $46.39$45.292.4%

Utilities

ItemLake CityNational avg.Difference
All Electricity$224.88$170.8031.7%
Phone $26.14$28.267.5%
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.
Stuckey, SC44481-19%
Coward, SC51584-16%
Turbeville, SC1,09886-14%
Scranton, SC77286-14%
Pamplico, SC1,13286-14%
Lake City, SC6,72087-13%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Bayville, NY6,72416666%
Middlebury, VT6,71311818%
Abilene, KS6,72983-17%
Evergreen, MT6,71191-9%
Dillon, SC6,73189-11%
Lake City, SC6,72087-13%
Source: The Lake City, SC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.