Cost Of Living In The Southeast: A Comparison

🏡 Searching for the perfect retirement spot in the Southeast? Dive into our comprehensive cost of living comparison by state to discover where your money stretches furthest! 🌟
🔍 When it comes to narrowing down the ideal retirement destination, understanding the cost of living is crucial. Join us as we break down the numbers and simplify the process for you!
📊 Exploring the overall cost of living relative to the national average (where 100 is the benchmark), we'll delve into housing, food, transportation, utilities, healthcare, and more to give you a clear picture.
🌟 South Carolina takes the spotlight in this discussion, boasting a cost of living approximately 11% below the national average, making it an enticing option for retirees. Not to mention, Retirement Living ranked it as the #4 best state for retirement!
🌍 How does South Carolina stack up against its neighboring Southeastern states?
North Carolina: 91
Georgia: 93
Florida: 103
💰 Tax-wise, South Carolina secures its position as the 13th lowest tax state nationwide. With a progressive income tax system capped at 7%, its standout feature is the remarkably low property taxes-ranking 5th with an average effective property tax of just 0.55%.
🏠 Housing costs vary significantly across the state, with median home prices fluctuating from $222,000 in Columbia to $530,000 in Charleston. Notably, areas like Hilton Head & Bluffton command a median price of approximately $510,000.
🍽️ While South Carolina slightly surpasses the national average in food costs (ranking 101 in a 2022 study), the overall affordability remains attractive for prospective retirees.
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00:00 Introduction
00:49 How We Measure Cost Of Living
01:11 How States Are Ranked
01:28 South Carolina
01:39 North Carolina
01:49 Georgia & Florida
02:08 What Makes South Carolina The Lowest Cost Of Living?
02:18 Taxes
03:39 Housing Costs
05:27 Food Costs
06:16 Pro Tip
06:59 Outro