by Robert Borges on October 18, 2024
Before moving to one of the Summerville, South Carolina over-fifty-five communities or another location in the Palmetto State, you want to make sure you can afford to live there. While each person will have a different perspective about what a comfortable lifestyle looks like, there are some basics to keep in mind.
According to the Massachusetts Institute of Technology’s Living Wage Calculator, a single person should earn around $35,000 annually to meet their basic needs. A family of four needs a minimum of $75,600 per year. These numbers are for a minimum standard of living. From there, you can add activities and other lifestyle choices that are important to you such as travel, golf, or boating.
Evaluating Your Needs
Housing is usually the largest item in anyone’s budget. This can include rental or mortgage payments, homeowner association fees, utilities, and real estate taxes. In addition, other lifestyle expenses can be affected by the place you live.
For example, transportation costs may be higher if you live in a rural area where driving long distances is required. On the other hand, if you live in a town, public transportation or walking may be a cheaper alternative for getting around.
Retirees also often have unique requirements. They may want to be near quality healthcare, certain leisure activities, arts, and cultural opportunities. These elements can increase monthly expenses. However, retirees may have different income sources such as Social Security benefits, pensions, and retirement accounts that allow them to enjoy these pastimes.
Sharpen Your Pencil
The first step when figuring out your cost of living is to create a personalized budget based on your expected income and living expenses. A financial advisor with more intimate knowledge of the area in South Carolina you are eyeing may be helpful, too.
Here are some details to consider:
Your Home Is Your Castle
Housing costs vary considerably based on location. Homes in tourist areas like Hilton Head and urban areas like Charleston cost more than homes in rural areas. Research areas and communities for their rental prices, median home sales prices, property taxes, and homeowner association fees.
Private Communities Registry (PCR) is an invaluable resource. It helps connect you with master-planned lifestyle communities for both single-family homes and retirement or active adult living. You can use the PCR platform to search South Carolina according to price point, home styles (e.g., single family or condo), location, or amenities. A realtor can also help you get a firmer grasp on the costs of buying in one of these communities.
Transportation
In some areas, a car is a must. In others, you can use public transportation to get around. Consider how far the property you’re looking at is from the supermarket, bank, doctor’s office, and other destinations you need to reach regularly. This will impact your transportation expenses.
You can also look at how many places are walkable or if there are carpooling options. Some larger communities also offer van services to certain destinations.
Healthcare
Health insurance and medical care can be high-cost items regardless of what state you choose to live in. These things tend to be less in South Carolina, but you need to include them in your household budget to make sure you’re covered.
An Overall Comparison
In general, South Carolina is a relatively inexpensive state to live in. Wages are also competitive, and the economy is considered to be stable. You may have other considerations that are important to you, such as the hurricane risk in Summerville. Overall, though, South Carolina offers a standard of living that many find very attractive.
When contemplating a move, create a detailed budget and ensure there is enough wiggle room to cover unanticipated expenses. While South Carolina is less expensive than many other parts of the country, having a firm understanding of your income requirements and living expenses is essential. Make sure to include housing, healthcare, and transportation costs in your budget!
