South Carolina Yearly Expenses: Understanding the Cost of Living in the Palmetto State When considering a move to South Carolina or planning a budget for the upcoming year, it is essential to have a comprehensive understanding of the state's yearly expenses. South Carolina, known for its vibrant culture, breathtaking landscapes, and Southern charm, offers a relatively affordable cost of living compared to many other states in the United States. Housing Expenses in South Carolina: — Rent: South Carolina offers various housing options, including apartments, houses, townhouses, and condos. The average monthly rent for a one-bedroom apartment in popular cities like Charleston, Columbia, or Greenville ranges from $900 to $1,500. — Home prices: The median home price in South Carolina is approximately $200,000, varying based on the city and neighborhood. Urban areas tend to have higher prices compared to rural regions. — Property taxes: Property taxes in South Carolina are relatively low compared to the national average. Homeowners should expect to pay about 0.57% to 0.87% of their property's assessed value as annual property tax. Transportation Expenses in South Carolina: — Gas prices: Gasoline prices in South Carolina are often lower than the national average, making commuting and road trips more affordable. Prices range from $2.50 to $2.80 per gallon, depending on market conditions. — Car insurance: Like in any other state, car insurance rates in South Carolina can vary significantly based on factors such as driving history, age, and the specific coverage required. On average, annual premiums for auto insurance in South Carolina are around $960. Utility Expenses in South Carolina: — Electricity costs: The average monthly electricity bill in South Carolina is approximately $110 to $160, depending on the size of the dwelling and usage habits. — Water and sewer bills: The cost of water and sewer services varies across the state. On average, residents can expect to pay around $40 to $60 per month for these essential utilities. Healthcare Expenses in South Carolina: — Health insurance: The cost of health insurance premiums in South Carolina depends on factors such as age, coverage level, and provider. On average, monthly premiums for an individual range from $200 to $600. — Medical services: Access to quality healthcare is vital, and the costs for medical services can vary based on location and the specific treatments needed. Routine doctor visits without insurance can range from $80 to $200. Education Expenses in South Carolina: — Public school expenses: South Carolina offers a strong public education system, funded by tax dollars. Families can expect to pay for school supplies, extracurricular activities, and fees for certain courses and programs. — College tuition: For those pursuing higher education in South Carolina, the costs can vary greatly depending on the institution. Public in-state universities charge an average tuition fee of around $12,000 per year, while private universities may have higher tuition rates. While these expenses provide a general overview, it's important to consider that individual circumstances and location within the state can greatly influence yearly expenses. Additionally, variables such as lifestyle choices, family size, and personal spending habits can impact one's budget in South Carolina. Properly assessing these factors will help individuals and families plan their expenses effectively and enjoy the numerous opportunities South Carolina has to offer.
South Carolina Yearly Expenses
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The average electric bill for homes in the state is $145, while the average gas bill is around $100. Expect to pay a little over $32 every month for water, and $37 for sewer costs.
Though you will see varying costs between cities and neighborhoods across the state, the average price of a home in South Carolina is currently about $165,800, which is up about 6.8% from last year. That places it about 15% lower than the national average, making it a very affordable place to live.
When compared to the national average, the cost of living in South Carolina is 6% less than the US average. Overall, the state is affordable, with low housing costs, grocery prices, and more.
The public schools rank well in the state, and Greenville is one of South Carolina's most affordable cities to live. With a median home price just over $150,000, the average family can afford a nice home in just about any of its surburbs. Another big selling point for the city is the cooler mountain like weather.
According to 2019 reports from Numbeo.com, the average monthly utility bill for a 915 square-foot apartment in Columbia is $162.16. That includes electricity, heating, water and garbage. In Greenville, the price jumps to $168.42.
As a whole, South Carolina is an affordable place to live. However, as you get closer to the coast, home prices start to increase. Large, oceanside homes can drive up the cost of living and your insurance costs. Fortunately, there are some coastal towns that are affordable.
According to a new study, South Carolina residents spend about $450 a month on utilities. This was the third-highest rate in the county. The study found that the average electric bill in South Carolina was $140.80 a month, with monthly natural gas costs at $94.32.
Table 2, drawn from 2019 EIA data, shows the average monthly bill for residential customers in the US by state. The data shows that even though the $144.73 average monthly electric bill in SC is high compared to other states, the average price per kWh in 201912.99 cents-- is below the national average.
How much do you need to live comfortably in South Carolina? According to the Economic Policy Institute, the annual cost of living for a single person without any children averages to $2,332 monthly. If you're single, you need to make $14.72 per hour in order to make a liveable wage in South Carolina.
