A+
14%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
38%
Housing NAT. AVG.
Search Homes for Sale
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 Gaffney South Carolina National
Cost of living8693100
Goods & Services96100100
Groceries9899100
Health care9794100
Housing6280100
Transportation9791100
Utilities93107100

An Overview of Cost of Living in Gaffney, SC

Knowing the cost of living in Gaffney allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Gaffney stands at 86, marking it 14% lower than the national average.

Is Gaffney Affordable?

Is Gaffney affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Gaffney, the median home price is 43.2% lower than the national average and monthly rent prices are 25.1% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Gaffney boasting a median household income of $31,355, 43.3% lower than the national average.

What Factors can Influence the Cost of Living in Gaffney?

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

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.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Gaffney, the standard sales tax rate starts at 6%, and the income tax rates commence at 0%.

Where is the Data From?

The cost of living data in Gaffney 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.

New Real Estate Listings in Gaffney Area
Search Homes for Sale in Gaffney, SC

Cost Of Living Quick Facts

  • The cost of living in Gaffney is 8% lower than the South Carolina average
  • The cost of living in Gaffney is 14% lower than the national average
  • Gaffney housing is 38% lower 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 Gaffney

See all the best places to live around Gaffney

Compare Gaffney, SC Cost of Living

      vs
      How would you rate the cost of living in Gaffney?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Gaffney?
      Write a review to give others more information about this area.
      See all Gaffney poll results

      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$46,393$3,866$1,082$1,392
      Renters$17,872$1,489$417$536
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Gaffney, SC, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Gaffney homeowners, is $46,393. This would allow for a maximum of $1,082 per month to be spent on housing costs. For renters, the median monthly income is $17,872 which would result in a maximum of $417 to be spent on rental 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 Gaffney National avg. Difference
      Haircut $25.10$24.263.5%
      Beauty Salon $45.93$45.560.8%
      Toothpaste $3.67$3.700.8%
      Shampoo $1.38$1.287.8%
      Movie $12.15$12.130.1%
      Bowling $16.41$18.008.8%

      Groceries

      Item Gaffney National avg. Difference
      Ground Beef $5.46$5.846.5%
      Fried Chicken $1.67$1.576.2%
      Milk $4.58$4.671.9%
      Potatoes $5.50$4.9311.5%
      Pizza $10.64$12.0912.0%
      Beer $10.46$10.410.5%

      Health Care

      Item Gaffney National avg. Difference
      Optometrist $108.14$125.6814.0%
      Doctor $131.80$135.782.9%
      Dentist $103.51$113.298.6%
      Ibuprofen $10.31$10.653.2%
      Lipitor $524.92$468.6012.0%

      Housing

      Item Gaffney National avg. Difference
      Home Price $104,900.00$184,700.0043.2%
      Avg. Mortgage Payment $1,758.32$2,346.6925.1%
      Apartment Rent $711.00$949.0025.1%

      Transportation

      Item Gaffney National avg. Difference
      Gasoline $3.16$3.468.7%
      Tire Balancing $67.10$59.9212.0%

      Utilities

      Item Gaffney National avg. Difference
      All Electricity $171.72$193.9911.5%
      Phone $191.25$192.250.5%
      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.
      Converse, SC545963.7%
      Caroleen, NC447963.7%
      Henrietta, NC455963.7%
      Cliffside, NC707963.7%
      Light Oak, NC8737921.3%
      Gaffney, SC12,7338613.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Windsor Locks, CT12,7321088.3%
      College, AK12,73413635.8%
      Port Neches, TX12,729991.0%
      Commerce, CA12,73814040.3%
      Franklin Park, NJ12,73812423.5%
      Gaffney, SC12,7338613.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.