Tags: Retirement | retirement | south carolina | cost of living

Retirement Cost of Living in South Carolina

By    |   Thursday, 17 Dec 2015 03:46 PM

While it doesn't have the cheapest cost of living in the country, South Carolina is still a very favorable place to retire from a cost perspective, offering not only affordable towns and cities but also a mild climate, low taxes, gorgeous beaches, and plenty of activities to keep active adults from getting bored.

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In ranking American cities from a retirement perspective, Forbes included two South Carolina cities in its 2014 Top 25 best places to retire list, and cites the state's affordability as a whole in its article:

"If for you, as for most folks, money is a consideration, then you may be hoping to cut your housing costs in retirement. That’s a growing challenge since the median home price across the country is $207,000, up 11% from last year’s $186,000. Still, there are bargains out there. Seven places on our list have average prices below $140,000. The lowest is Ogden, Utah, $124,000; followed by Pittsburgh, $130,000; and Clemson, S.C., $135,000," Forbes said.

From a tax perspective, South Carolina is a tax-friendly state with one of the 10 lowest tax burdens in the country. It also does not tax social security income and offers a number of retirement income exemptions that all help keep the overall cost of living lower for retirees.

In general, living in South Carolina is less pricey than many other states. The "inflation adjusted 2007-2011 per capita income of $23,854 was well below the national average," TopRetirements.com reported. Additionally, South Carolina's median home value was $134,700 in early 2015, which was below the U.S. median of $178,700.

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"Prices can be higher in selective active adult communities in places like Hilton Head. The Greenville, S.C., median home value index was $166,000 [and] Spartanburg's was $130,900, but in pricier Charleston the median was $215,500," TopRetirements.com reported.

And while South Carolina may not be the cheapest place in the country to retire from a cost of living perspective — it is ranked the 21st lowest in the nation — when it comes to overall quality of life, it's hard to beat.

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While it doesn't have the cheapest cost of living in the country, South Carolina is still a very favorable place to retire from a cost perspective, offering not only affordable towns and cities but also a mild climate, low taxes, gorgeous beaches, and plenty of activities.
retirement, south carolina, cost of living
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2015-46-17
Thursday, 17 Dec 2015 03:46 PM
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