Cost of Living in Charleston, SC

An Overview of Cost of Living in Charleston, SC

Understanding the cost of living in Charleston 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 Charleston cost of living index is 122, which is 22% higher 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.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Charleston is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Charleston falls into this category, which may not align with your goal of finding a budget-friendly living environment.

When it comes to the cost of living in Charleston, 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 73.9% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Charleston?

Locals have the inside scoop on their city. So, we polled 24 residents in Charleston to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 33% find it reasonable with decreasing prices, but 67% think it's quite pricey, with prices that continue to rise.

Is Charleston Affordable?

Is Charleston 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 Charleston is 89% higher than the national average, while the average monthly rent prices are 38.9% higher than average. The affordability of any location can also be influenced by median income levels. Charleston has a median household income of $72,071, which is 30.3% higher than the national average.

What Factors can Influence the Cost of Living in Charleston?

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 Charleston, healthcare costs are 11.3% lower than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Charleston, the housing index stands at 73.9% higher than the national average.

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 Charleston, the transportation index is 12.1% lower than the national average.

Where is the Data From?

The cost of living in Charleston, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.