What is the value of living in Charleston, SC?

By Mark A. Leon

I know many have witness an increase in prices across the board from restaurant meals, to rent, to housing costs, to entertainment.  We have been engrossed in a renaissance of cultural and economic explosion and it has affected our wallets.  Lets look at Charleston by the numbers and see the changes by the statistics.

Household Value / Rent / Income Summary

• Median Gross Rent (2013):  $970
• Median Household Income:  $54,970 ($35,295 in 2000)
• Estimated average house and/or condo value:  $241,500 (SC Average:  $139,200)

*city-data.com

2015 Charleston City Budget – 187,752,856 (Up 4.75% from 2014)

Revenues:  $149,378,687

Expenditures:  $154,496,385

General Fund Deficit:  -$5,117,698

Per Capita Income (www.usa.com) – Based on Data from 2010-2014

• Charleston – $33,117
• South Carolina – $24,222
• United States – $28,555

Median Individual Annual Income:

• Charleston – $30,706 / South Carolina – $26,972 / United States – 30,815
• Males: Charleston – $35,663 / South Carolina – $31,966 / United States – $36,116
• Females:  Charleston – $26,782 / South Carolina – $22,711 / United States – $25,692

Taxes:

• Sales Tax – Charleston, SC – 8.500% / South Carolina – 6.000%
• Hospitality Tax / Restaurant Tax – Charleston, SC – 2.000% / Total Restaurant Tax – 10.500%
• Tour Tax – Charleston, SC – $0.50 fee on every ticket of admission
• Hotel Tax – Charleston, SC – 12.500%http://www.areavibes.com/charleston-sc/cost-of-living/

Population Categorized by Career Industry

• Top population: Management, Business, Finance – 15.160%
• Lowest population:  Farming, fishing, forestry – 0.170%
• Top income category:  Less than 15K – 16.510%
• Lowest percentage income category:  Between 150K – 200K – 4.420%

Cost of Living Index – Charleston, SC

• Charleston, SC – 112
• South Carolina – 95
• National (United States) – 100
• Housing Index:  Charleston, SC – 131 / South Carolina – 78 / United States – 100
• Utilities Index:  Charleston, SC – 112 / South Carolina – 104 / United States – 100
• Groceries Index:  Charleston, SC – 108 / South Carolina – 109 / United States – 100
• Health Care Index:  Charleston, SC – 107 / South Carolina – 100 / United States – 100