Is South Carolina truly more affordable? This analysis compares key expenses like housing, food, utilities, and taxes to neighboring states, providing data-driven insights for those considering a move. Understanding these cost of living differences is crucial for anyone, especially when evaluating best mortgage programs for first-time buyers in South Carolina.
South Carolina’s Cost of Living: How Affordable Is It?
The cost of living in South Carolina is lower than the national average. But that doesn’t mean every expense is cheap.Housing prices are rising, and property taxes are low, but income taxes are something to think about.
Here’s where South Carolina either saves you money or costs you more:
- Housing: More affordable than many neighboring states, but prices are climbing.
- Taxes: Low property tax rates, but state income tax maxes out at 7%.
- Utilities: Higher than the national average, especially electricity.
- Food & Groceries: Lower than the U.S. average, but depends on location.
- Healthcare: Slightly below the national average.
Compared to Georgia, North Carolina, and Tennessee, South Carolina holds up well.
Housing Costs: South Carolina vs. Neighboring States
Housing is usually the biggest expense. So how do South Carolina home prices compare to surrounding states?
| State | Median Home Price | Average Rent (2-Bedroom) |
|---|---|---|
| South Carolina | $289,000 | $1,250 |
| North Carolina | $320,000 | $1,400 |
| Georgia | $315,000 | $1,350 |
| Tennessee | $300,000 | $1,300 |
South Carolina has some of the lowest home prices in the region. But with a hot market, prices won’t stay low forever.Property taxes are a win if you own a home here. South Carolina ranks among the lowest property tax states in the U.S.
Utilities: What You’ll Pay Each Month
Cheap housing doesn’t matter if utilities eat up your budget.South Carolina has higher-than-average electricity bills. The hot summers mean more A/C use, which drives up costs.On average, you’ll pay around $145–$175 per month for electricity.Water, internet, and trash collection are about the same as neighboring states. But if you’re used to milder climates, the electricity bill could be a shock.
Cost of Taxes: What’s the Damage?
South Carolina keeps property taxes low, which is great for homeowners. But state income tax is another piece of the puzzle.
- Property Taxes: 0.57% average effective rate, one of the lowest in the country.
- State Income Tax: 0%–7%, depending on income.
- Sales Tax: 6% base rate, with local additions making it up to 9% in some areas.
If you’re coming from a no-income-tax state like Tennessee, the 7% top rate might be a deal-breaker.For other nearby states, South Carolina is competitive enough to make up for it in other areas.
Food Prices: Grocery Bill Comparison
Groceries in South Carolina are cheaper than the national average.A basket of essentials—milk, eggs, bread, rice, chicken—costs less here than in North Carolina or Georgia.Eating out? Restaurant prices are reasonable, except in tourist-heavy spots like Charleston and Myrtle Beach.It’s cheaper than Florida and North Carolina, but you won’t see massive savings compared to Georgia or Tennessee.
FAQs
Is South Carolina’s cost of living really lower than nearby states?
For housing and property taxes, yes. But utilities and income taxes might even it out depending on your situation.
Which is cheaper, North Carolina or South Carolina?
South Carolina wins on housing and taxes, but North Carolina isn’t far behind. The difference depends on where you live.
Why are South Carolina home prices rising?
More people are moving in, inventory is still low, and demand is high—driving up costs.
Should I move to South Carolina?
If lower housing costs and property taxes matter to you, it could be a great fit. But don’t forget to factor in income tax and utilities.
