Are you considering a move to South Carolina? Before you pack up your things and fire up the barbeque, it’s a good idea to get a handle on how much the costs of living in the Palmetto State compare to your current residence. This guide will explore the cost of living in South Carolina, from housing expenses to homeowner’s insurance and healthcare costs. We’ll provide data from state cost of living index tools and how South Carolina ranks in the nation for livability. We’ll also share a handy set of additional online resources to measure and compare the cost of living expenses in different South Carolina communities. When you’re planning to live in a new state, the cost of living there will be a combination of expenses required to maintain your desired lifestyle. Statista, a leading market data platform, defines “cost of living” as “the monetary cost of goods and services necessary to maintaining a certain standard of living.” This overall cost will vary significantly based on location, even within the state. But the core living expenses you’ll pay for typically include the following categories: However, the costs often extend beyond these basics to cover other expenses, such as: These factors, when combined, establish the core costs associated with a particular way of living. However, your living standard is dependent upon your income, as well as your debt, and how the dollar amounts compare to the costs of basic needs in the South Carolina city where you live — or want to live. Let’s take a quick look at some ways you can compare your current living cost with what you might experience if you move to South Carolina. A cost of living index (CLI) monitors how much these basic expenses change over time in different cities or regions. They provide a way to compare the price of maintaining a certain standard of living. The CLI is calculated by assessing the price of essential goods and services such as housing, food, healthcare, and transportation in different areas. An index is typically standardized, with a base city or region assigned a baseline index value (often set at 100). Other cities or regions are then compared against this benchmark. For example, a South Carolina city with a CLI of 120 would signify that living there is 20% more expensive than living in the base location. At the same time, an index of 80 indicates it’s 20% less expensive. A cost of living index will typically break down and score each basic expense by category. Here are separate scores for South Carolina from worldpopulationreview.com Cost of Living Index:What makes up the ‘cost of living’ in South Carolina?
What’s a South Carolina cost of living index (CLI)?
