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Everyone wants a home that mixes affordability with comfort and South Carolina does this very well. Families love the Palmetto State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in South Carolina that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in South Carolina for 2023.
So where is the most expensive place to live in South Carolina? That would be Myrtle Beach.
the 2017-2021 American Community Survey for the 64 places in South Carolina with more than 5,000 people.
What's the most expensive place to live in South Carolina? Well, HomeSnacks crunched the numbers and discovered that Myrtle Beach is the most expensive place to live in South Carolina.
So hopefully Laurens (the cheapest place to live in South Carolina) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about South Carolina and the most expensive cities in the country:
The 10 Most Expensive Places To Live In South Carolina For 2023
The median income in Myrtle Beach comes in at $45,701 and the median home value is $246,300 for 2023.
The median income in Travelers Rest comes in at $36,495 and the median home value is $218,900 for 2023.
The median income in Clemson comes in at $48,335 and the median home value is $293,000 for 2023.
The median income in Hardeeville comes in at $66,672 and the median home value is $381,300 for 2023.
The median income in Charleston comes in at $76,556 and the median home value is $369,500 for 2023.
The median income in James Island comes in at $87,615 and the median home value is $355,400 for 2023.
The median income in Lancaster comes in at $29,738 and the median home value is $163,400 for 2023.
The median income in Bluffton comes in at $89,245 and the median home value is $336,100 for 2023.
The median income in Greenville comes in at $60,388 and the median home value is $349,300 for 2023.
The median income in Port Royal comes in at $63,645 and the median home value is $244,000 for 2023.
Methodology: How We Determined The Most Expensive Places To Live In The Palmetto State For 2023
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2017-2021 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in South Carolina to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 64 places in South Carolina that have more than 5,000 people.
The place with the highest cost of living in South Carolina according to the data is Myrtle Beach. You can download the data here.
Summary: Taking A Chunk Out Of Your Paycheck In South Carolina For 2023
Well there you have it, the places in South Carolina that have the highest cost of living, with Myrtle Beach ranking as the most expensive city in the Palmetto State.
Here's a look at the most affordable cities in South Carolina according to the data:
- Fountain Inn
For more South Carolina reading, check out:
- Best Places To Live In South Carolina
- Cheapest Places To Live In South Carolina
- Most Dangerous Cities In South Carolina
- Best Places To Raise A Family In South Carolina
- Safest Places In South Carolina
- Worst Places To Live In South Carolina
Detailed List Of The Most Expensive Cities In South Carolina
|12||Hilton Head Island||17.33|
|15||North Myrtle Beach||21.67|