When moving to a new area, one of the first concerns people have is the cost of living. How much will it be to live in my new hometown? Will I be able to afford it with my current means of living? Or will I have to get a new job to afford where I want to live? Groceries, transportation costs, childcare . . . Can I afford to relocate? These are some of the questions families ask when moving. Typically, the cost of living in Charleston, South Carolina is thought to be on the higher end, however, the reality of that may surprise you! If you’re thinking about moving to the lowcountry, here’s what you need to know about the Charleston, SC living cost.
What You Should Know About Charleston, SC Living Cost
It’s Not as High As You Might Expect
The thing to keep in mind with cost of living is why prices might be more expensive. Generally, areas where people want to live — such as larger, popular cities — are more expensive because they use up more resources & are in-demand due to location. Charleston, SC is a very popular area because of its historic appeal, its beautiful weather, its close proximity to the ocean as well as its popular nightlife, amazing school choices, & its abundance of restaurants, shopping & breathtaking scenery. Because of this, you might expect the Charleston, SC living cost to be astronomically high. However, it is only 11% higher than the national average. Compare this to New York City housing costs which are 115% more expensive than Charleston’s housing costs yet the median income remains the same in both cities at $53K. If you compare Charleston, SC to Miami, Fl, Miami’s housing cost is nearly 5% higher, but their median income is more than $20K lower. Lastly, if you compare Charleston to Oakland, CA or Los Angeles, CA, you will find that the average housing cost is 124% higher than the lowcountry’s yet the average median salary remains the same as ours. Suddenly Charleston, SC doesn’t seem so expensive at all!
Considering the Cost
There are many factors to consider in overall cost of living, including price of food, transportation, & so on. For Charleston, SC, housing is going to be your biggest expense, & although our homes may appear to be more expensive at an average of $350K, our average median salary of $53K can more than afford it. That’s a predicted mortgage rate of $1,200 per month! But for those who need a cheaper option, or are looking for another alternative, Moncks Corner, Goose Creek & Summerville all have excellent up-and-coming neighborhoods for a much lower cost in the lowcountry. These are all growing communities that are exploding in popularity, so buy now while the prices are low!
Team Lail-Chambers has the Answers You Want!
If you’re looking for the right Charleston neighborhood to fit your taste and budget, then contact Team Lail-Chambers today. Our team of experts, led by Bob Chambers & Pheobe Lail-Chambers, are some of the most professional agents you’ll encounter, & will give you the easiest home-buying experience imaginable. We can help you determine your top priorities & find a place that accommodates both your preferences & your expenses. Our staff knows the Lowcountry well & is acquainted with all of the facilities, resources, & services available in each community. We’ll make sure to fit you with a home you’ll love!