Cost of Living

Cost of living is the total amount of money a family has to spend to maintain a good quality of living in a particular community. Several factors are affecting the many expenses you would have to budget for, making it an ideal consideration for families planning to move into a new town or city. If you are planning to buy a new home in Hilton Head Island, South Carolina you'll want to check out our report to review how much you can expect to plan for every month.

Check out our original blog post at https://www.hiltonheadislandproperties.com/.

Cost of Living Index

The table below is the cost of living index, providing a numbered representation of the many factors affecting the cost of living. These are rated with the national average set at 100 points. The lower score represents a smaller average budget while the higher score represents more expensive costs.

Check out our original blog post at https://www.hiltonheadislandproperties.com/.

Cost of Living in Hilton Head Island

Food, Groceries, and Healthcare

These expenses are lower than what the national and state averages are. You can expect to save a good amount of money in the long run when you move into the city with your family.

Utility Bills

Utilities are generally the same as most cities in the country. Hilton Head Island electricity bills average at about $181.91. Phone bills cost approximately $31.22 per month. Other utilities for a standard 85-square meter home is about $573 every month.

Taxes

South Carolina Taxes has a marginal tax rate of 7% that starts for individuals with an income above $14,860. The state has low property tax rates at an average effective property tax of 0.57%. Retirees will be glad to know that there are no taxes applied to Social Security retirement benefits.

Real Estate

Hilton Head Island is known for its beautiful luxury neighborhoods. These communities and subdivisions make the city one of the most expensive real estate markets in South Carolina. Homes in the state usually have a lower median value than the national average. However, if you plan to move into Hilton Head Island, you can expect to pay more than the other cities in the region. 

Check out our original blog post at https://www.hiltonheadislandproperties.com/.

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