Retirement living in South Carolina
The Hilton Head lakes area is a great vacation destination – families can enjoy walkable beaches, golf courses designed by the world’s best architects, state parks that offer recreation opportunities on land and water, entertainment to satisfy most thespians and music lovers, and no one can deny that Lowcountry offers the best cuisine east of the Mississippi.
All of that and we didn’t even mention the great weather.
South Carolina is a great place to vacation. if you are thinking about making a retirement community in the Palmetto State your next home, here are a few factors to consider:
The price for a home fluctuates throughout the state depending on the city and location, but overall the median price comes in at $163,134, one of the lowest in the U.S., according to NeighborhoodScout.
If you want to test the waters for a while before making a permanent move, rental rates are also among the best in the nation with 2019 data showing $764 a month for a one-bedroom apartment and $916 for a two bedroom, $189 and $259 cheaper than the national median cost, respectively.
For those who do opt to buy a home, there’s some good news when it comes to taxes. South Carolina has an average effective property tax rate that is the fifth-lowest in the country at 0.57%, according to SmartAsset.
The state’s income tax is progressive, with a top marginal rate of 7%, which is the 13th highest in the nation. There is good news for retiree’s, however. Social Security is not taxed, and a $15,000 deduction is given to seniors receiving any other type of retirement income.
Other expenses exist whether you rent or buy, and they will make an impact on your living costs. Grocery prices in South Carolina are slightly above the national average as are healthcare prices. And as the summer sun heats up so will your energy bill. South Carolina ranks third highest price in the nation, with the average monthly bill coming in at $140.
Where and how to spend the days following your career are big decisions. It is always good to check out an area several times throughout the year before making the decision to move. Hilton Head Lakes offers guests a place to stay and experience Lowcountry through its Discovery Package. Information is available online or by calling 866-396-3230.