Laurel Bay 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.
IndexLaurel BaySouth CarolinaNational
Cost of living index9995100
IndexLaurel BaySouth CarolinaNational
Goods & Services index102101100
Groceries index116109100
Health care index98100100
Housing index8680100
Transportation index9493100
Utilities index107104100
A general overview of the cost of living index for Laurel Bay, SC is displayed above. In Laurel Bay, SC, the overall cost of living index is 99, which is 4% higher than the South Carolina average and 1% 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 Laurel Bay, SC, the city's goods and services are 1% higher than the South Carolina average and 2% higher than the U.S. average.

Did you know?

  • The cost of living in Laurel Bay is 4% higher than the South Carolina average.
  • The cost of living in Laurel Bay is 1% lower than the national average.
  • The cost of housing in Laurel Bay is 14% 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 Laurel Bay, SC Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Laurel Bay, SC to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Laurel Bay, SC, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Laurel Bay, SC salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$65,865$5,489$1,537$1,976
Renters$37,991$3,166$886$1,140
If you want to find a good determining factor for the cost of living and the general affordability of housing in Laurel Bay, 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 Laurel Bay, SC, the median monthly income is $65,865 for those who own their own homes. Under the standard rule, that income level would allow for $1,537 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $37,991, per the median income in the area. That would allow for renters to spend up to $886 on monthly rental expenses.

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 Laurel Bay, 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

ItemLaurel BayNational avg.Difference
Haircut $14.44$14.591.1%
Beauty Salon $43.28$34.6824.8%
Toothpaste $3.06$2.4723.7%
Shampoo $1.12$1.029.6%
Movie $10.30$9.874.4%
Bowling $3.82$4.3913.0%

Groceries

ItemLaurel BayNational avg.Difference
Ground Beef $4.89$4.489.2%
Fried Chicken $1.56$1.466.6%
Milk $2.69$2.3614.1%
Potatoes $3.82$3.0624.8%
Pizza $9.31$9.240.7%
Beer $8.42$8.632.5%

Health Care

ItemLaurel BayNational avg.Difference
Optometrist $105.88$99.786.1%
Doctor $96.28$105.038.3%
Dentist $93.43$88.705.3%
Ibuprofen $10.18$9.418.2%
Lipitor $268.02$298.5010.2%

Housing

ItemLaurel BayNational avg.Difference
Home Price $130,600.00$175,700.0025.7%
Avg. Mortgage Payment $934.01$1,081.0313.6%
Apartment Rent $1,054.00$920.0014.6%

Transportation

ItemLaurel BayNational avg.Difference
Gasoline $1.98$2.095.4%
Tire Balancing $41.84$45.297.6%

Utilities

ItemLaurel BayNational avg.Difference
All Electricity$184.24$170.807.9%
Phone $29.95$28.266.0%
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, StatePopulationCost of Living IndexNational Avg.
Burton, SC6,17395-5%
Ridgeland, SC4,05196-4%
Shell Point, SC2,3841044%
Port Royal, SC11,2641066%
Beaufort, SC12,7021099%
Laurel Bay, SC6,40499-1%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Santa Clara, UT6,4041066%
North Caldwell, NJ6,407202102%
Portland, IN6,40873-27%
Batesville, IN6,39796-4%
Stevensville, MD6,39312222%
Laurel Bay, SC6,40499-1%
Source: The Laurel Bay, SC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.