Murrells Inlet 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.
IndexMurrells InletSouth CarolinaNational
Cost of living index10995100
IndexMurrells InletSouth CarolinaNational
Goods & Services index98101100
Groceries index104109100
Health care index97100100
Housing index12580100
Transportation index9993100
Utilities index115104100
A general summary of the cost of living index in Murrells Inlet, SC is shown above. Compared to the state average of South Carolina the cost of living index in Murrells Inlet, SC is 109, which is 14% higher than the average in South Carolina and compared to the national average it is 9% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Murrells Inlet, SC goods and services come in at 3% lower than the average in South Carolina and are 2% lower than compared to the nationwide average.

Did you know?

  • The cost of living in Murrells Inlet is 14% higher than the South Carolina average.
  • The cost of living in Murrells Inlet is 9% higher than the national average.
  • The cost of housing in Murrells Inlet is 25% 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.

Find Real Estate Listings In Murrells Inlet

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Murrells Inlet

Compare Murrells Inlet, SC Cost of living To Other Cities

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
Using the salary calculator lets you compare the salary you earn in Murrells Inlet, 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 Murrells Inlet, SC, you have to earn a higher income in order to still have the same standard of living. To operate the Murrells Inlet, 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$52,016$4,335$1,214$1,561
Renters$40,595$3,383$947$1,218
The affordability of the housing market in Murrells Inlet, 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 Murrells Inlet, SC homeowners, the median income is $52,016. This indicates that a monthly maximum of $1,214 should be spent by homeowners on all housing related costs. Renters have a median income of $40,595. This indicates that renters should have a maximum of $947 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 considering the overall cost of living expenses in Murrells Inlet, SC, it's important to take into account the sales tax for South Carolina, as well as the rate for income tax in South Carolina. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for South Carolina is 9%, and the sales tax in the state of South Carolina is 6%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in South Carolina starts from 0% and goes up to 7%.

Goods & Services

ItemMurrells InletNational 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

ItemMurrells InletNational 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

ItemMurrells InletNational 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

ItemMurrells InletNational avg.Difference
Home Price $233,100.00$175,700.0032.7%
Avg. Mortgage Payment $740.74$1,081.0331.5%
Apartment Rent $985.00$920.007.1%

Transportation

ItemMurrells InletNational avg.Difference
Gasoline $2.06$2.091.7%
Tire Balancing $46.39$45.292.4%

Utilities

ItemMurrells InletNational 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.
Bucksport, SC76086-14%
Georgetown, SC9,11092-8%
Garden City, SC8,82494-6%
Socastee, SC20,49697-3%
Forestbrook, SC4,53997-3%
Murrells Inlet, SC8,0271099%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Liberty Lake, WA8,0271077%
Wellington, KS8,02884-16%
Summit, WA8,02511616%
Lantana, TX8,02513232%
Caribou, ME8,02596-4%
Murrells Inlet, SC8,0271099%
Source: The Murrells Inlet, SC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.