Cost of living in Charleston research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Charleston is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in South Carolina, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Charleston is 112, with 100 being the average.
The cost of living index in Charleston is 1.1x higher than the national average.
Charleston ranks as the #91 cheapest in South Carolina out of 99.
Charleston ranks as the #4,296 cheapest out of 6,412 in the US.
The median home value in Charleston is $369,500.
The median income in Charleston is $76,556.
According to the most recent data on the cost of living, Charleston has an overall cost of living index of 112, which is 1.1x higher than the national index of 100.
Compared to South Carolina, Charleston has a cost of living index that's 1.2x higher than South Carolina's index of 96.
The standard of living in Charleston ranks as #91 most affordable out of the 99 places we measured in South Carolina. By definition, that implies Charleston ranks as the #8 most expensive place in the Palmetto State.
For more reading on life in Charleston, check out:
Six factors go into calculating the cost of living index in Charleston. Here is how it fairs on each of the criteria:
The Services index in Charleston is 97.
The Groceries index in Charleston is 106.
The Health index in Charleston is 101.
The Housing index in Charleston is 133.
The Transportation index in Charleston is 96.
The Utilities index in Charleston is 123.
|Living Expense||Charleston||South Carolina||National Average|
Housing swings affordability the most between places in South Carolina, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Charleston is $369,500.
The Median Rent in Charleston is $1,400.
The Median Income in Charleston is $76,556.
The Home Value To Income in Charleston is 4.8x.
The Rent To Monthly Income in Charleston is 0.22x.
|Statistic||Charleston||South Carolina||United States|
|Median Home Value||$369,500||$181,800||$244,900|
|Home Value To Income||4.8x||3.1x||3.5x|
|Rent To Monthly Income||0.22x||0.2x||0.2x|
The cost of living varies in the cities and towns around Charleston. Here's a quick look at the cost of living in the most populous nearby places:
North Charleston, SC has a cost of living index of 97, 0.9x Charleston.
Mount Pleasant, SC has a cost of living index of 128, 1.1x Charleston.
Summerville, SC has a cost of living index of 100, 0.9x Charleston.
|City||Population||Cost Of Living||Vs. Charleston|
|North Charleston, SC||114,542||97||0.9x|
|Mount Pleasant, SC||88,900||128||1.1x|
|Goose Creek, SC||44,502||102||0.9x|
|James Island, SC||11,618||108||1.0x|