Socastee 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.
IndexSocasteeSouth CarolinaNational
Cost of living index9697100
IndexSocasteeSouth CarolinaNational
Goods & Services index99105100
Groceries index103105100
Health care index113101100
Housing index8680100
Transportation index10196100
Utilities index100107100
An overview of the general cost of living index for Socastee, SC is displayed above for your reference. Residents in Socastee, SC enjoy a cost of living index of 96. This index is equal to the South Carolina average, and 4% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Socastee, SC, the average cost of goods and services is 6% lower than it is in South Carolina, and it is 1% lower than the national average.

Did you know?

  • The cost of living in Socastee is equal to the South Carolina average.
  • The cost of living in Socastee is 4% lower than the national average.
  • The cost of housing in Socastee 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 Socastee, SC Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Socastee, SC to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Socastee, SC, then you would need to earn more income in order to maintain the same standard of living. To use the Socastee, SC salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$44,828$3,736$1,046$1,345
Renters$33,474$2,790$781$1,004
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Socastee, SC, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Socastee, SC has a median income of about $44,828 for people who own homes. Based on that number, a person should spend a maximum of $1,046 on expenses related to housing. Renters have a slightly different median income, which is $33,474. Based on this average, renters should spend no more than $781 on all of their rental costs if they want to maintain a non-impoverished standard of living.

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 Socastee, 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

ItemSocasteeNational avg.Difference
Haircut $14.22$15.568.6%
Beauty Salon $41.53$36.1115.0%
Toothpaste $2.12$2.4714.3%
Shampoo $1.00$0.963.3%
Movie $11.29$10.1311.5%
Bowling $3.90$4.7417.7%

Groceries

ItemSocasteeNational avg.Difference
Ground Beef $4.72$3.9818.5%
Fried Chicken $1.36$1.413.1%
Milk $1.97$2.064.5%
Potatoes $3.34$2.9812.0%
Pizza $9.13$9.473.6%
Beer $8.69$8.791.1%

Health Care

ItemSocasteeNational avg.Difference
Optometrist $110.28$101.049.1%
Doctor $140.44$107.4430.7%
Dentist $101.50$90.4212.3%
Ibuprofen $8.83$9.284.9%
Lipitor $427.77$426.500.3%

Housing

ItemSocasteeNational avg.Difference
Home Price $145,800.00$175,700.0017.0%
Avg. Mortgage Payment $958.55$1,133.2315.4%
Apartment Rent $849.00$920.007.7%

Transportation

ItemSocasteeNational avg.Difference
Gasoline $1.96$1.991.6%
Tire Balancing $48.95$45.767.0%

Utilities

ItemSocasteeNational avg.Difference
All Electricity$167.71$163.812.4%
Phone $28.00$28.391.4%
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%
Garden City, SC8,82493-7%
Conway, SC18,64594-6%
Forestbrook, SC4,53997-3%
Red Hill, SC14,56598-2%
Socastee, SC20,49696-4%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Parma Heights, OH20,49093-7%
Mountain Brook, AL20,48414242%
North Bellmore, NY20,48316565%
La Cañada Flintridge, CA20,477287187%
Camas, WA20,45812323%
Socastee, SC20,49696-4%
Source: The Socastee, SC cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.