An Overview of Cost of Living in Orangeburg, SC
Understanding the cost of living in Orangeburg can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Orangeburg cost of living index is 89, which is 11% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
What Do Locals Say About the Cost of Living in Orangeburg?
Nobody knows their city better than the people who actually live there. So, we asked 8 local residents how they would rate the cost of living in Orangeburg and this is how they responded. 38% of people said that the cost of living was affordable, with prices decreasing, while 63% of people said that the cost of living was very expensive and prices continue to rise.
Is Orangeburg Affordable?
Is Orangeburg an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Orangeburg is 41.7% lower than the national average, while the average monthly rent prices are 28% lower than average. The affordability of any location can also be influenced by median income levels. Orangeburg has a median household income of $28,587, which is 48.3% lower than the national average.
What Factors can Influence the Cost of Living in Orangeburg?
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Orangeburg starts at 6% and the income tax rates start at 0%.
Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.
Transportation: If public transportation is limited or not available, residents may need to own and maintain vehicles, which can add to the cost of living. Gas, insurance, regular maintenance and potentially lease or finance payments will all need to be paid on a monthly basis. In Orangeburg, the transportation index is 18.5% lower than the national average.
Where is the Data From?
The cost of living data in Orangeburg displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.
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