South Carolina combines low taxes, affordable housing in most of the state, and a warm climate that has made it one of the fastest-growing states for retirees and remote workers. The cost of living is about 8% below the national average, and the state offers generous tax breaks for retirees (no Social Security tax, retirement income deductions, homestead exemptions). Charleston and the surrounding Lowcountry have become expensive — home prices are up over 40% since 2020 — but Greenville, Columbia, and smaller cities still offer strong value. The state income tax maxes out at 6.4%, and property taxes are among the lowest in the country.
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
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