A-
3%
Overall NAT. AVG.
2%
Goods & Services NAT. AVG.
9%
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 Seven Oaks South Carolina National
Cost of living9793100
Goods & Services98100100
Groceries9999100
Health care8694100
Housing9180100
Transportation8291100
Utilities131107100

An Overview of Cost of Living in Seven Oaks, SC

Understanding the cost of living in Seven Oaks 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 Seven Oaks cost of living index is 97, which is 3% lower 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.

The cost of living in Seven Oaks aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Seven Oaks residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.

Is Seven Oaks Affordable?

Is Seven Oaks 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 Seven Oaks, the median home price is 13.9% lower than the national average and monthly rent prices are 2.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Seven Oaks boasting a median household income of $61,064, 10.4% higher than the national average.

What Factors can Influence the Cost of Living in Seven Oaks?

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Seven Oaks, the utilities index is 31% higher than the national average.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum 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 farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

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 Seven Oaks, the groceries index is 1% lower than the national average.

Where is the Data From?

The cost of living in Seven Oaks, 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.

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Cost Of Living Quick Facts

  • The cost of living in Seven Oaks is 4% higher than the South Carolina average
  • The cost of living in Seven Oaks is 3% lower than the national average
  • Seven Oaks housing is 9% 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 Seven Oaks

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Compare Seven Oaks, 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$68,997$5,750$1,610$2,070
      Renters$44,132$3,678$1,030$1,324
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Seven Oaks, 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 Seven Oaks homeowners, is $68,997. This would allow for a maximum of $1,610 per month to be spent on housing costs. For renters, the median monthly income is $44,132 which would result in a maximum of $1,030 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 Seven Oaks 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 Seven Oaks 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 Seven Oaks 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 Seven Oaks National avg. Difference
      Home Price $159,100.00$184,700.0013.9%
      Avg. Mortgage Payment $1,725.28$2,346.6926.5%
      Apartment Rent $973.00$949.002.5%

      Transportation

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

      Utilities

      Item Seven Oaks 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%
      Springdale, SC2,8788712.8%
      St. Andrews, SC21,3559010.3%
      Peak, SC54918.8%
      Woodfield, SC9,361928.3%
      Seven Oaks, SC16,743972.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Defiance, OH16,741955.5%
      Seagoville, TX16,7261011.2%
      Clayton, MO16,76314747.4%
      Bull Run, VA16,76912020.2%
      Cohoes, NY16,7081000.4%
      Seven Oaks, SC16,743972.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.