Cost of Living in Charleston, SC 2023

The sparkling port city of Charleston is rich with southern charm, gorgeous architecture, and renowned food and attractions. Charleston was originally called Charles Town after King Charles II when founded in 1670. Today, the city is highly diverse with nightlife, suburban island life, stunning backdrops, and historical landmarks.

Newcomers move to Charleston for its high quality of living at a reasonable price, especially compared to other east coast metropolises. With so many attractions doused in southern beauty, it's easy to see why so many people call Charleston one of the best places to live in South Carolina.

The job growth in Charleston is attractive and estimated to rise 35.9% over the next decade, a noticeable increase from the 33.5% growth rate in the U.S. The unemployment rate of 4.0% in Charleston is also lower than the current national average of 6.0%.

Today, key industries in Charleston continue fueling the city’s wealth, including aerospace, automotive, tech, and logistics. Defense and life sciences are also major industries around Charleston.

Charleston is currently the 19th-fastest-growing city in the country. Economic growth, job opportunities, and increased housing opportunities drive the boom in Charleston. The cost of living is rising, but is still reasonable, especially when compared to Miami or Washington DC. We took all the guesswork out of figuring out if moving to Charleston and exploring its neighborhoods is right for you.

Charleston Housing Costs

As with any city, your housing and rent costs will likely be your most significant cost-of-living expenses. Whether or not Charleston feels affordable to you will also depend on where you're moving from. According to our Apartment List Renter Migration Report, people are moving out of state from New York, but in-state from Columbia, and Greenville. If you're moving from the Big Apple, you will likely see a coastal apartment in Charleston as a total bargain.

Charleston is attractive to newcomers for its culture, urban amenities, and mild weather. Its pristine beaches are also a major draw, including Folly Beach, the Isle of Palms, and Sullivan's Island.

Although locals look to North Carolina for major league teams, South Carolina offers college athletic programs in South Carolina with a solid local fan base. Teams include Coastal Carolina Chanticleers, Coastal Carolina University, Clemson Tigers, and Clemson University. Charleston is also home to several major corporations, like Boeing and Trident Health.

The population boom in Charleston is causing a rent spike, meaning it isn't as affordable as it was a few years ago. However, you can still find bargains. Our rent report shows rents have increased by 9.4% year-over-year. Currently, the average rent in Charleston is $1,481 for a one-bedroom and $1,690 for a two-bedroom.

Before you start apartment hunting in Charleston to find the perfect place with great amenities, you need to determine how much rent you can afford.

Charleston Transportation

Charleston's amenities are expanding, with new restaurants and pubs opening up regularly. Fortunately, Downtown Charleston is walkable, somewhat bikeable, and easy to get around. However, you'll need a reliable car or access to public transport to make the most of the city.

According to the MIT Living Wage Calculator, single adults should expect to spend $5,509 on transportation annually. A family with two full-time employed adults and a child will pay an average of $12,709 for annual transportation.

If you want to rely less on your car and rideshares, Charleston's public transportation system can get you to work and around the city. Charleston Area Regional Transportation Authority (CARTA) Park and Ride, shuttle, and buses. Trips start at $3.50 for a single-ride and $57 for a 31-day pass.

Charleston Food Costs

Food can take up a sizable portion of your budget and cost of living in Charleston. MIT’s research shows that a single full-time employed adult cooking meals at home and making their own snacks spends approximately $3,351 per year on food. A familiy with two adults and a child will spend $7,645 a year.

Charleston's iconic dishes of shrimp and grits, fried green tomatoes, and cornbread are must-tries for foodies. If you want to sample the eclectic and mouth-watering dishes Charleston has to offer, you'll spend an average of $21 on a meal at an inexpensive restaurant without appetizers and alcohol.

Moving to The Holy City is cost-effective without compromising on incredible food and urban amenities. Indulging in dinner for two people at a mid-range restaurant will cost you $70 on average in Charleston. Plus, compared dining out in Washington DC, it’s 15.15% more than in Charleston!

Charleson Healthcare Costs

Healthcare is a necessary cost anywhere you live. MIT relies on data from the Bureau of Labor Statistics and the Agency for Healthcare Research and Quality and determines a full-time working adult in Charleston will likely spend $2,957 per year on healthcare. A family of two adults and a child will increase your costs to $8,969 per year.

Charleston Utilities

Charleston's utilities are higher than many other cities, even those with a higher cost of living. A basic utility bill, including electricity, heating, cooling, water, and garbage for a 915 sq ft apartment, averages $247.48 per month in Charleston.

However, you will likely need to budget beyond the average utility bill for Internet (60 Mbps or More, Unlimited Data, Cable/ADSL). In Charleston, having Internet will increase the total monthly cost of utilities by approximately $64.62, totaling $312.10 a month.

Fitness and Entertainment

If you enjoy getting fit at the gym and taking classes, you'll need to budget for another $24.75 for monthly membership fees. Looking for an apartment with an on-site gym or deciding to walk and bike more can lower your costs.

Want to hit the cinema after the gym? If so, you'll need to pay about $12 per ticket, excluding popcorn, drinks, and other snacks.

Other Expenses to Consider in Charleston

Retirees and snowbirds love South Carolina for its lack of tax on social security benefits and mild weather. South Carolina also uses a simplified tax structure of 0% to 7% on taxable income and a low property tax rate of 0.57%.

Indices show that gas taxes are among the cheapest in the nation. However, sales tax rates are 6%, and local governments can collect an optional sales tax of up to 3%. The combined 9% sales tax can feel high to newcomers in some areas of South Carolina, and is among the top 20 most expensive in the country.

What Salary Do I Need to Live in Charleston?

Before you sign your next lease, you should determine your recommended salary in Charleston. Using the 30% rule helps give you an idea of the income needed to rent an apartment in Charleston and still live comfortably. Renting an apartment in less desirable areas and taking in and finding a roommate also helps save money and reduce your cost of living in Charleston.

• If you are renting an average-priced one-bedroom apartment in Charleston, your annual salary should be around $58,360 or higher.

• If you are renting an average-priced two-bedroom apartment in Charleston, your annual salary should be around $67,600 or higher.

If you want to double-check your numbers and run through different financial scenarios, try using a rent calculator to help.

A recommended salary differs from a "living wage," which is the minimum amount of money a person needs to live above the poverty threshold. Currently, the minimum wage is just $7.25 per hour in Charleston, but the city's living wage is $19.42 per hour for a single working adult.

The living wage does not include dining out, entertainment, or savings allowance. The estimated median household income in Charleston at the end of 2020 was around $76,556 a year.

Final Thoughts

Now that you're armed with everything you need to know about the cost of living in South Carolina, you can start your apartment hunt with this quiz! Or, if you want to save money or find a more affordable neighborhood, check out our round-up of cheap apartments in Charleston.

FAQs: Cost of Living in Char in 2023:

How expensive is an apartment in Charleston?

Charleston rents are on the rise. A one-bedroom apartment in Charleston costs $1,481. A two-bedroom apartment in Charleston costs $1,690.

What is the cheapest rent in Charleston?

Currently, the cheapest rent in Charleston is for a one-bedroom apartment. You can expect to pay an average of $1,481 in rent.

How expensive is it to live in Charleston?

Charleston rents average $1,481 per month for a one-bedroom apartment. Public transportation costs $3.50 for each one-way ticket. Food costs about $3,351 a year in Charleston for meals and snacks. If you want to eat out in Charleston, you’ll spend $21 for a meal at a low-cost restaurant for a single entree, or $70 for two at a mid-range restaurant.

How far is Charleston from Myrtle Beach?

Charleston is 95.5 miles to Myrtle Beach and takes about two hours to drive via US-17 S. Regional bus service on the Waccamaw Regional Transportation Authority is also available.

How far is Charleston from Hilton Head?

Charleston is 97.8 miles to Charleston via US-17 N and takes about one hour and fifty minutes to drive. Private shuttle vans are also available between Charleston and Hliton Head.

How far is Charleston from Savannah?

Charleston is 106.8 miles to Savannah and takes one hour and fifty-three minutes to drive via I-95 N. and US-17 N. Regional bus service is also available by the Charleston Area Regional Transportation Authority.

What is the population of Charleston?

According to the US Census Bureau, Charleston’s population was 150,222 in 2020. The entire population of the state of South Carolina is 5,190,705.

What is a good salary in Charleston?

The Census Bureau reports that the average salary for Charleston residents is $76,556. However, to stick to the rule of spending only 30% on your monthly income on rent, you will need an income of $59,240 to live comfortably in a one bedroom apartment.