| Index | Florence | South Carolina | National |
| Cost of living | 95 | 94 | 100 |
| Groceries | 99 | 99 | 100 |
| Health care | 100 | 98 | 100 |
| Housing | 85 | 81 | 100 |
| Transportation | 100 | 99 | 100 |
| Utilities | 103 | 101 | 100 |
| Lifestyle & Entertainment | 99 | 98 | 100 |
| Household Items | 99 | 99 | 100 |
| Education & Childcare | 98 | 98 | 100 |
Knowing the cost of living in Florence allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Florence stands at 95, marking it 5% lower than the national average.
Everyday expenditures like food, housing, lifestyle expenses, transportation and health care in Florence are priced in a manner consistent with other areas. This means that residents of Florence can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.
Nobody knows their city better than the people who actually live there. So, we asked 19 local residents how they would rate the cost of living in Florence and this is how they responded. 21% of people said that the cost of living was affordable, with prices decreasing, while 79% of people said that the cost of living was very expensive and prices continue to rise.
Is Florence affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Florence, the median home price is 13.8% lower than the national average and monthly rent prices are 19% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Florence boasting a median household income of $75,854, 6.7% lower than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Florence, healthcare costs are 0.3% higher than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Florence, the housing index is 15.4% lower than the national average.
The Florence cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $103,947 | $8,662 | $2,425 | $3,119 |
| Renters | $42,559 | $3,547 | $993 | $1,277 |
| State | General Sales Tax | With Max Surtax |
| South Carolina | 6% | 9% |
| State | Income Tax (Low) | Income Tax (High) |
| South Carolina | 0% | 6.5% |
| City | Population | Cost of Living Index | National Avg. |
| Timmonsville, SC | 2,540 | 85 | 15.4% |
| Coward, SC | 571 | 85 | 14.8% |
| Darlington, SC | 6,123 | 89 | 10.7% |
| Quinby, SC | 1,103 | 92 | 8.1% |
| Pamplico, SC | 1,254 | 93 | 7.1% |
| Florence, SC | 39,448 | 95 | 4.8% |
| City | Population | Cost of Living Index | National Avg. |
| Lynnwood, WA | 39,454 | 138 | 38.0% |
| Hobbs, NM | 39,472 | 93 | 6.7% |
| Brookfield, WI | 39,415 | 121 | 20.9% |
| Brighton, CO | 39,406 | 126 | 25.6% |
| Hot Springs, AR | 39,496 | 88 | 11.6% |
| Florence, SC | 39,448 | 95 | 4.8% |
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