Living in South Carolina: Income, Housing, Taxes & Cost of Living (2026)
By Wealthvieu
·
Updated
Table of Contents
South Carolina at a Glance
| Metric |
Value |
National Rank |
| Population (2024) |
5.4 million |
23rd |
| Median household income |
$63,623 |
Below average |
| Median home price |
$290,000 |
Below average |
| Cost of living index |
91 |
Below average |
| State income tax |
0-6.2% (top rate on income over $17,330) |
Average |
| Sales tax |
6% (+ local up to 3%) |
Average |
| Property tax (effective rate) |
0.56% |
Very low |
Income and Housing
| City/Area |
Median Income |
Median Home Price |
Median Rent (2BR) |
| Charleston |
$72,000 |
$430,000 |
$1,650 |
| Greenville |
$58,000 |
$310,000 |
$1,300 |
| Columbia |
$55,000 |
$240,000 |
$1,150 |
| Myrtle Beach |
$50,000 |
$300,000 |
$1,250 |
| Hilton Head |
$72,000 |
$550,000 |
$1,800 |
| Spartanburg |
$45,000 |
$220,000 |
$1,050 |
| Rock Hill |
$62,000 |
$295,000 |
$1,200 |
| Clemson |
$45,000 |
$280,000 |
$1,100 |
Charleston has become one of the Southeast’s most desired cities — home prices have risen over 40% since 2020.
Tax Benefits for Retirees
| Benefit |
Details |
| Social Security |
Not taxed |
| Retirement income deduction |
$10,000 (up to $15,000 if 65+) |
| Homestead exemption (65+) |
First $50,000 of home value exempt from property tax |
| Property tax rate |
Very low (0.56% effective) |
South Carolina Pros and Cons
| Financial Pros |
Financial Cons |
| Very low property taxes (0.56%) |
Below-average income |
| Below-average COL (91) |
Charleston becoming expensive |
| Excellent retiree tax benefits |
High income tax rate kicks in at $17K |
| Affordable outside Charleston/Hilton Head |
Hurricane and flooding risk |
| Growing Greenville job market (BMW, Michelin) |
Limited public transportation |
Related: Cost of Living by State | State Income Tax Rates | Property Tax by State
