A+
14%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
42%
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 Greenwood South Carolina National
Cost of living8693100
Goods & Services102100100
Groceries9899100
Health care10094100
Housing5880100
Transportation9091100
Utilities92107100

An Overview of Cost of Living in Greenwood, SC

Knowing the cost of living in Greenwood 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 Greenwood stands at 86, marking it 14% lower than the national average.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Greenwood stands out by reporting housing costs that are 41.9% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

Is Greenwood Affordable?

Is Greenwood 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 Greenwood is 48.8% lower than the national average, while the average monthly rent prices are 25.8% lower than average. The affordability of any location can also be influenced by median income levels. Greenwood has a median household income of $32,970, which is 40.4% lower than the national average.

What Factors can Influence the Cost of Living in Greenwood?

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including 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 farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Greenwood, the groceries index is 1.7% lower than the national average.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Greenwood, the transportation index is 9.7% lower than the national average.

Where is the Data From?

The Greenwood cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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

Cost Of Living Quick Facts

  • The cost of living in Greenwood is 8% lower than the South Carolina average
  • The cost of living in Greenwood is 14% lower than the national average
  • Greenwood housing is 42% 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 Greenwood

See all the best places to live around Greenwood

Compare Greenwood, SC Cost of Living

      vs
      How would you rate the cost of living in Greenwood?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Greenwood?
      Write a review to give others more information about this area.
      See all Greenwood 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$47,511$3,959$1,109$1,425
      Renters$25,322$2,110$591$760
      A good indicator of the general affordability of housing in Greenwood, SC, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Greenwood, the median monthly income is $47,511 for those who own their own homes. Under the standard rule, that income level would allow for $1,109 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $25,322, per the median income in the area. That would allow for renters to spend up to $591 on monthly rental expenses.

      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 Greenwood National avg. Difference
      Haircut $25.74$24.266.1%
      Beauty Salon $51.07$45.5612.1%
      Toothpaste $3.61$3.702.4%
      Shampoo $1.37$1.287.2%
      Movie $14.47$12.1319.3%
      Bowling $18.39$18.002.2%

      Groceries

      Item Greenwood National avg. Difference
      Ground Beef $6.24$5.846.8%
      Fried Chicken $1.50$1.574.6%
      Milk $4.56$4.672.4%
      Potatoes $5.31$4.937.6%
      Pizza $11.78$12.092.5%
      Beer $10.45$10.410.4%

      Health Care

      Item Greenwood National avg. Difference
      Optometrist $120.21$125.684.4%
      Doctor $123.75$135.788.9%
      Dentist $114.80$113.291.3%
      Ibuprofen $10.43$10.652.1%
      Lipitor $534.74$468.6014.1%

      Housing

      Item Greenwood National avg. Difference
      Home Price $94,600.00$184,700.0048.8%
      Avg. Mortgage Payment $1,581.44$2,346.6932.6%
      Apartment Rent $704.00$949.0025.8%

      Transportation

      Item Greenwood National avg. Difference
      Gasoline $3.07$3.4611.2%
      Tire Balancing $56.50$59.925.7%

      Utilities

      Item Greenwood National avg. Difference
      All Electricity $170.53$193.9912.1%
      Phone $189.75$192.251.3%
      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.
      Mountville, SC75963.7%
      Coronaca, SC81981.9%
      Troy, SC145919.5%
      Bradley, SC127919.5%
      Ware Shoals, SC2,4558218.5%
      Greenwood, SC23,3518613.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Maywood, IL23,3511000.0%
      Oak Harbor, WA23,35812323.0%
      Lisle, IL23,36312524.8%
      Benbrook, TX23,3371065.9%
      Westchase, FL23,33612424.2%
      Greenwood, SC23,3518613.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.