F
20%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
67%
Housing NAT. AVG.
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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 Lake Wylie South Carolina National
Cost of living12093100
Goods & Services103100100
Groceries10099100
Health care11194100
Housing16780100
Transportation9491100
Utilities89107100

An Overview of Cost of Living in Lake Wylie, SC

Knowing the cost of living in Lake Wylie 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 Lake Wylie stands at 120, marking it 20% higher than the national average.

Housing costs significantly influence the Lake Wylie cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 67.3%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Lake Wylie Affordable?

Is Lake Wylie 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 Lake Wylie, the median home price is 87.4% higher than the national average and monthly rent prices are 20.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Lake Wylie boasting a median household income of $103,548, 87.2% higher than the national average.

What Factors can Influence the Cost of Living in Lake Wylie?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Lake Wylie, healthcare costs are 10.6% higher than the national average.

Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday goods and services like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Lake Wylie starts at 6% and the income tax rates start at 0%.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Lake Wylie, the utilities index stands at 11.2% lower than the national average.

Where is the Data From?

The cost of living data in Lake Wylie 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.

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Cost Of Living Quick Facts

  • The cost of living in Lake Wylie is 28% higher than the South Carolina average
  • The cost of living in Lake Wylie is 20% higher than the national average
  • Lake Wylie housing is 67% higher 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 Lake Wylie

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Compare Lake Wylie, SC Cost of Living

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      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$117,309$9,776$2,737$3,520
      Renters$49,375$4,115$1,152$1,481
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Lake Wylie, 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 Lake Wylie homeowners, is $117,309. This would allow for a maximum of $2,737 per month to be spent on housing costs. For renters, the median monthly income is $49,375 which would result in a maximum of $1,152 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 Lake Wylie National avg. Difference
      Haircut $18.25$24.2624.8%
      Beauty Salon $59.75$45.5631.1%
      Toothpaste $3.81$3.702.8%
      Shampoo $1.27$1.280.7%
      Movie $13.55$12.1311.7%
      Bowling $21.67$18.0020.4%

      Groceries

      Item Lake Wylie National avg. Difference
      Ground Beef $6.27$5.847.3%
      Fried Chicken $1.39$1.5711.5%
      Milk $4.61$4.671.2%
      Potatoes $4.98$4.931.0%
      Pizza $10.96$12.099.3%
      Beer $10.47$10.410.5%

      Health Care

      Item Lake Wylie National avg. Difference
      Optometrist $143.74$125.6814.4%
      Doctor $148.29$135.789.2%
      Dentist $115.52$113.292.0%
      Ibuprofen $10.77$10.651.1%
      Lipitor $467.34$468.600.3%

      Housing

      Item Lake Wylie National avg. Difference
      Home Price $346,100.00$184,700.0087.4%
      Avg. Mortgage Payment $3,159.30$2,346.6934.6%
      Apartment Rent $1,144.00$949.0020.5%

      Transportation

      Item Lake Wylie National avg. Difference
      Gasoline $3.29$3.464.9%
      Tire Balancing $53.32$59.9211.0%

      Utilities

      Item Lake Wylie National avg. Difference
      All Electricity $167.89$193.9913.5%
      Phone $189.90$192.251.2%
      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.
      Spencer Mountain, NC0990.6%
      Bessemer City, NC5,5369010.2%
      Lowell, NC3,676928.0%
      York, SC8,287927.8%
      Dallas, NC4,744936.9%
      Lake Wylie, SC14,09112019.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Red Bluff, CA14,0911088.5%
      Kings Park West, VA14,09016262.4%
      Moultrie, GA14,0868614.0%
      Deming, NM14,0838020.3%
      Vail, AZ14,09911818.3%
      Lake Wylie, SC14,09112019.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.