A-
2%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
7%
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 Irmo South Carolina National
Cost of living9893100
Goods & Services98100100
Groceries9999100
Health care8694100
Housing9380100
Transportation8291100
Utilities131107100

An Overview of Cost of Living in Irmo, SC

Knowing the cost of living in Irmo 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 Irmo stands at 98, marking it 2% lower than the national average.

In Irmo, daily expenses such as food, housing, goods and services, transportation and health care are in line with comparable areas and about average when compared to all cities across the nation. This ensures that the cost of living in Irmo will resemble that of an average city, contributing to a manageable cost of living.

Is Irmo Affordable?

Is Irmo affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Irmo, for instance, where the median home price falls 21.4% lower than the national average, and monthly rent rates are 27.9% higher than usual. Additionally, median income levels contribute to the equation, with Irmo flaunting a median household income of $75,344, 36.2% higher than the national norm.

What Factors can Influence the Cost of Living in Irmo?

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Irmo, the groceries index is 1% 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 Irmo, the transportation index is 18.5% lower than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Irmo, the housing index is 6.6% lower than the national average.

Where is the Data From?

The cost of living data in Irmo 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 Irmo Area
Search Homes for Sale in Irmo, SC

Cost Of Living Quick Facts

  • The cost of living in Irmo is 5% higher than the South Carolina average
  • The cost of living in Irmo is 2% lower than the national average
  • Irmo housing is 7% 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 Irmo

See all the best places to live around Irmo

Compare Irmo, SC Cost of Living

      vs
      How would you rate the cost of living in Irmo?
      Write a review to give others more information about this area.
      Is the cost of living increasing or decreasing in Irmo?
      Write a review to give others more information about this area.
      See all Irmo 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$80,956$6,746$1,889$2,429
      Renters$46,023$3,835$1,074$1,381
      The affordability of the housing market in Irmo, 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 Irmo homeowners, the median income is $80,956. This indicates that a monthly maximum of $1,889 should be spent by homeowners on all housing related costs. Renters have a median income of $46,023. This indicates that renters would have a maximum of $1,074 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 Irmo National avg. Difference
      Haircut $20.75$24.2614.5%
      Beauty Salon $30.56$45.5632.9%
      Toothpaste $3.65$3.701.5%
      Shampoo $1.33$1.283.6%
      Movie $12.93$12.136.6%
      Bowling $24.33$18.0035.2%

      Groceries

      Item Irmo National avg. Difference
      Ground Beef $6.15$5.845.3%
      Fried Chicken $1.67$1.576.2%
      Milk $4.61$4.671.3%
      Potatoes $5.50$4.9311.5%
      Pizza $10.35$12.0914.4%
      Beer $10.53$10.411.1%

      Health Care

      Item Irmo National avg. Difference
      Optometrist $59.00$125.6853.1%
      Doctor $150.00$135.7810.5%
      Dentist $78.33$113.2930.9%
      Ibuprofen $10.46$10.651.8%
      Lipitor $416.30$468.6011.2%

      Housing

      Item Irmo National avg. Difference
      Home Price $145,100.00$184,700.0021.4%
      Avg. Mortgage Payment $1,725.28$2,346.6926.5%
      Apartment Rent $1,214.00$949.0027.9%

      Transportation

      Item Irmo National avg. Difference
      Gasoline $3.22$3.466.9%
      Tire Balancing $32.03$59.9246.5%

      Utilities

      Item Irmo National avg. Difference
      All Electricity $290.58$193.9949.8%
      Phone $192.75$192.250.3%
      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.
      Springdale CDP, SC2,3558317.3%
      Jenkinsville, SC368515.2%
      Springdale, SC2,8788712.8%
      St. Andrews, SC21,3559010.3%
      Peak, SC54918.8%
      Irmo, SC12,397982.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Summerland, BC12,400n/a 
      Markham, IL12,401963.9%
      Patchogue, NY12,38913333.4%
      Brock, ON12,406n/a 
      Sidney, BC12,386n/a 
      Irmo, SC12,397982.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.