Cost Of Living in Isle of Palms, SC

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F

82%

Overall NAT. AVG.

3%

Goods & Services NAT. AVG.

275%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Isle of Palms	South Carolina	National
Cost of living	182	93	100
Goods & Services	97	100	100
Groceries	102	99	100
Health care	89	94	100
Housing	375	80	100
Transportation	88	91	100
Utilities	121	107	100

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Cost Of Living Quick Facts

The cost of living in Isle of Palms is 95% higher than the South Carolina average
The cost of living in Isle of Palms is 82% higher than the national average
Isle of Palms housing is 275% 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

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$134,063	$11,172	$3,128	$4,022
Renters	$86,250	$7,188	$2,012	$2,588

To approximate the cost of living and the housing affordability in Isle of Palms, SC, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Isle of Palms have a median income of $134,063. Therefore, the amount that a consumer should spend on housing costs should be no more than $3,128 per month to avoid calamity and poverty. The renters in the city have an income of about $86,250, which would make their monthly maximum allowable rental costs $2,012.

South Carolina Sales Tax

State	General Sales Tax	With Max Surtax
South Carolina	6%	9%

South Carolina Income Tax

State	Income Tax (Low)	Income Tax (High)
South Carolina	0%	6.5%

Goods & Services

Item	Isle of Palms	National avg.	Difference
Haircut	$26.38	$24.26	8.7%
Beauty Salon	$56.15	$45.56	23.2%
Toothpaste	$3.77	$3.70	1.8%
Shampoo	$1.38	$1.28	7.5%
Movie	$11.30	$12.13	6.8%
Bowling	$19.43	$18.00	8.0%

Groceries

Item	Isle of Palms	National avg.	Difference
Ground Beef	$6.22	$5.84	6.5%
Fried Chicken	$1.67	$1.57	6.2%
Milk	$4.59	$4.67	1.8%
Potatoes	$5.51	$4.93	11.6%
Pizza	$10.83	$12.09	10.4%
Beer	$10.61	$10.41	1.9%

Health Care

Item	Isle of Palms	National avg.	Difference
Optometrist	$78.10	$125.68	37.9%
Doctor	$137.50	$135.78	1.3%
Dentist	$97.17	$113.29	14.2%
Ibuprofen	$10.75	$10.65	0.9%
Lipitor	$373.44	$468.60	20.3%

Housing

Item	Isle of Palms	National avg.	Difference
Home Price	$815,300.00	$184,700.00	341.4%
Avg. Mortgage Payment	$2,134.33	$2,346.69	9.0%
Apartment Rent	$2,083.00	$949.00	119.5%

Transportation

Item	Isle of Palms	National avg.	Difference
Gasoline	$3.18	$3.46	8.0%
Tire Balancing	$46.64	$59.92	22.2%

Utilities

Item	Isle of Palms	National avg.	Difference
All Electricity	$258.50	$193.99	33.3%
Phone	$194.25	$192.25	1.0%

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	Population	Cost of Living Index	National Avg.
North Charleston, SC	113,880	101	1.0%
Goose Creek, SC	42,944	105	5.3%
Hanahan, SC	25,743	109	8.6%
Charleston, SC	137,041	122	21.9%
James Island, SC	12,157	124	23.9%
Isle of Palms, SC	4,371	182	82.2%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
North Terre Haute, IN	4,371	89	11.2%
Mary Esther, FL	4,370	100	0.4%
Deep River, ON	4,370	n/a
Columbia-Shuswap D, BC	4,370	n/a
Hamburg, PA	4,369	99	1.0%
Isle of Palms, SC	4,371	182	82.2%