Cost of Living in Summerville, SC

An Overview of Cost of Living in Summerville, SC

Knowing the cost of living in Summerville 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 Summerville stands at 105, marking it 5% higher than the national average.

Everyday expenditures like food, housing, goods and services, transportation and health care in Summerville are priced in a manner consistent with other areas. This means that residents of Summerville can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

What Do Locals Say About the Cost of Living in Summerville?

Nobody knows their city better than the people who actually live there. So, we asked 22 local residents how they would rate the cost of living in Summerville and this is how they responded. 59% of people said that the cost of living was affordable, with prices decreasing, while 41% of people said that the cost of living was very expensive and prices continue to rise.

Is Summerville Affordable?

Is Summerville 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 Summerville, the median home price is 16.8% higher than the national average and monthly rent prices are 21.9% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Summerville boasting a median household income of $60,271, 8.9% higher than the national average.

What Factors can Influence the Cost of Living in Summerville?

Subsidies: Certain regions may provide government subsidies or assistance initiatives designed to alleviate the cost of living burden on their residents. These programs encompass a wide range of support mechanisms, such as 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 with fewer subsidy offerings might experience an elevation in their cost of living.

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 Summerville, the transportation index is 12.1% lower than the national average.

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 Summerville, 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 Summerville 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.