F
28%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
94%
Housing NAT. AVG.
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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 Tega Cay South Carolina National
Cost of living12893100
Goods & Services103100100
Groceries10099100
Health care11194100
Housing19480100
Transportation9491100
Utilities89107100

An Overview of Cost of Living in Tega Cay, SC

Are you thinking about relocating, but curious about the potential cost of living in Tega Cay? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Tega Cay stands at 128, making it 28% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Tega Cay is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Tega Cay falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Tega Cay, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 93.8% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Tega Cay Affordable?

Is Tega Cay an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Tega Cay, the median home price is 93.8% higher than what most folks pay across the country, and monthly rent prices are 100% lower than the usual rates. Income levels in Tega Cay come in at $125,847, which is 127.5% higher than the national average.

What Factors can Influence the Cost of Living in Tega Cay?

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Tega Cay, the transportation index stands at 6.4% lower than the national average.

Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Tega Cay, the utilities index registers 11.2% lower than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Tega Cay, the groceries index is 0.3% higher than the national average.

Where is the Data From?

The cost of living data in Tega Cay 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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Cost Of Living Quick Facts

  • The cost of living in Tega Cay is 37% higher than the South Carolina average
  • The cost of living in Tega Cay is 28% higher than the national average
  • Tega Cay housing is 94% 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

Most Affordable Places to Live in and Around Tega Cay

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Compare Tega Cay, SC Cost of Living

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      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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$132,781$11,065$3,098$3,984
      Renters$125,236$10,436$2,922$3,757
      The affordability of the housing market in Tega Cay, SC as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Tega Cay homeowners, the median income is $132,781. This indicates that a monthly maximum of $3,098 should be spent by homeowners on all housing related costs. Renters have a median income of $125,236. This indicates that renters would have a maximum of $2,922 for their rent related monthly costs.

      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 Tega Cay National avg. Difference
      Haircut $18.25$24.2624.8%
      Beauty Salon $59.75$45.5631.1%
      Toothpaste $3.81$3.702.8%
      Shampoo $1.27$1.280.7%
      Movie $13.55$12.1311.7%
      Bowling $21.67$18.0020.4%

      Groceries

      Item Tega Cay National avg. Difference
      Ground Beef $6.27$5.847.3%
      Fried Chicken $1.39$1.5711.5%
      Milk $4.61$4.671.2%
      Potatoes $4.98$4.931.0%
      Pizza $10.96$12.099.3%
      Beer $10.47$10.410.5%

      Health Care

      Item Tega Cay National avg. Difference
      Optometrist $143.74$125.6814.4%
      Doctor $148.29$135.789.2%
      Dentist $115.52$113.292.0%
      Ibuprofen $10.77$10.651.1%
      Lipitor $467.34$468.600.3%

      Housing

      Item Tega Cay National avg. Difference
      Home Price $358,000.00$184,700.0093.8%
      Avg. Mortgage Payment $3,159.30$2,346.6934.6%
      Apartment Rent $0.00$949.00100.0%

      Transportation

      Item Tega Cay National avg. Difference
      Gasoline $3.29$3.464.9%
      Tire Balancing $53.32$59.9211.0%

      Utilities

      Item Tega Cay National avg. Difference
      All Electricity $167.89$193.9913.5%
      Phone $189.90$192.251.2%
      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.
      Catawba, SC1,069990.6%
      JAARS, NC1,0907821.8%
      York, SC8,287927.8%
      McConnells, SC293963.6%
      Gastonia, NC76,635973.3%
      Tega Cay, SC10,83412827.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Fairview, CA10,83418584.7%
      Raceland, LA10,8358613.6%
      Union Park, FL10,8321033.0%
      Elliot Lake, ON10,836n/a 
      Sierra Madre, CA10,829212111.8%
      Tega Cay, SC10,83412827.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.