Are you looking for the perfect home in Hilton Head Island, SC? Learning the average cost of living in Hilton Head Island, SC, is your first best move. Check out the details below for more info.
What is Cost of Living?
Simply put, cost of living is how much money one needs so that he is able to maintain a certain standard of living in a particular location. This type of information is helpful to those who are contemplating on moving to a new city, state, or country, as it provides an accurate estimate of how basic goods and services cost, so one can gauge whether they can afford living in the location that they are considering.
Agencies are able to determine the cost of living of a particular location by selecting a representative sample of goods and services and checking their prices, taking into account the relative weight of these items on a typical family’s budget within a year. For example, when comparing the cost of milk to the cost of clothing, agencies don’t just look at their individual prices. Instead, agencies estimate the total amount that is spent for the consumption of milk within one whole year and the total amount spent on buying clothes within the same year. So, since milk is consumed on a daily basis, the total annual cost of milk would be more compared to that of clothes.
The cost of living index is a theoretical price index that measures the relative cost of living in particular locations over a specific period of time. As an index, the cost of living in the primary location is constant at 100, while the values for the other location/s being compared to it may be higher or lower, depending on whether the costs of basic goods and services in these locations are more expensive or cheaper compared to the primary location.
2019 Cost of Living Index in Hilton Head Island, SC
Planning to move to Hilton Head Island, SC? If you want to know whether you can afford the cost of living in this island, you can refer to the cost of living index table below. This table shows the most recent cost of living indexes for Hilton Head Island, as well as the ones for the state of South Carolina and the United States. In this table, the primary location is the United States, so all of the values under this are fixed at 100, while the ones under Hilton Head Island and South Carolina would be more or less than 100, based on the actual values of the basic expenses in these locations.
|COST OF LIVING INDEX||HILTON HEAD ISLAND||SOUTH CAROLINA||UNITED STATES|
Based on the table above, the overall cost of living index in Hilton Head Island, SC is 130.7 – 30.7 points higher than the national index and 36.6 points higher than that of the state. This means that residents in this island are paying more on basic expenses compared to the rest of the state and the country by these percentage points. The highest expense is housing, with an index of 218.8, but the rest of the basic expenses have indexes below 100.
Cost of Basic Services in Hilton Head Island, SC
Hilton Head Island, SC Housing Costs
The median home cost in Hilton Head Island, SC at $420,500 may be double the US average of $219,700, but being a golfer and beach lover’s paradise, any homebuyer would say that the price of homes here is all worth it. 38% of homes in this island are owned, while 11.6% are rented. The average apartment monthly rent in this location is $2,265, also significantly higher than the US average of $1,391. The average monthly rate for a studio apartment is $915 (US average is $821); a 1-bedroom apartment, $1,035 (US average is $930); a 2-bedroom apartment, $1,185 (US average is $1,148); a 3-bedroom apartment, $1,560 (US average is $1,537); and a 4-bedroom apartment, $2,080 (US average is $1,791).
Utility Costs in Hilton Head Island, SC
Based on data from the U.S. Energy Information Administration (EIA), the average monthly energy bill in South Carolina is $140.80 – this ranks the third highest in the nation behind Hawaii, which has an average energy bill of $149.33 and Alabama, at $142.55. Specifically in Hilton Head Island, the average electricity bill amounts to $181.91, higher than the US average of $165.96. The average monthly phone bill is $31.22, while the national average is $28.68. The estimated total monthly utilities for two people living in an 85-square meter apartment is $573, including heating, electricity, and gas; while the total monthly utilities for one person in a studio apartment is estimated at $142.
Cost of Food and Groceries in Hilton Head Island, SC
In Hilton Head Island, the prices of food and groceries are 7% higher than the national average. A liter of milk costs $0.79; a loaf of white bread, $2.33; a kilo of white rice, $2.63; a dozen tray of eggs, $2.25; a kilo of ground of beef, $9.94; a kilo of boneless, skinless chicken breasts, $7.71; and a kilo of apples, $4.40. The price of a combo meal in a fast food restaurant is $8, and the bill for a basic lunchtime meal with drink in the business district is $17.
Cost of Healthcare in Hilton Head Island, SC
In the state of South Carolina, the cost of healthcare is a bit higher compared to that of the rest of the country. However, the typical employee contribution for single coverage healthcare at private companies is below the national average of $1,415, at $1,339. The average rate for a visit to a general practitioner is $108.33, almost the same amount as the national average of $108.36; while a dental checkup which costs $95.33 is slightly higher than the national average of $92.53.
South Carolina Taxes
The income tax system in the state of South Carolina is a progressive one. Its top marginal tax rate starts at incomes over $14,860. This is the 13th highest in the nation, at 7%. South Carolina residents earning an annual income of $2,970 or less are not required to pay any state income taxes. If you’re a homeowner, you will be glad to know that South Carolina has low property taxes. The state’s average effective property tax rate of 0.57% is the fifth lowest in the country. For those who plan to retire in South Carolina, another great news! The state does not tax Social Security retirement benefits and there is a $15,000 deduction for seniors who are receiving any other type of retirement income.
Moving to Hilton Head Island, SC
If you are considering moving to Hilton Head Island, SC, knowing the cost of living in this location would greatly help you determine if you would be able to afford the same lifestyle here as you have been in your current city. And, if you are interested in buying a home here, I will be more than happy to show you all your best options. Feel free to give me a call at 843.422.4466 or send me an email at [email protected] to schedule an appointment.
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