Is It Expensive To Live In Hilton Head SC?
The resort town of Hilton Head is located on the coast of South Carolina, and it is more commonly known as Hilton Head Island. With about 40,000 residents and a median age of 57, the city is famous amongst retirees. Also, the town features top-notch amenities that are family-friendly, and everyone can find something fun to do in this beautiful Lowcountry coastal destination. Tourists love it, but what’s it like to be a resident? Is it expensive to live in Hilton Head, South Carolina? Let’s find out.
If you are wondering what Hilton Head SC is known for, it would have to be the world-class beaches and golf courses that make it stand out as a top vacation destination. During the summer vacation season, the population can swell up to 150,000 people, and this creates some traffic and crowds, but it also boosts the costs of living, especially when it comes to housing.
Even though the crime rate in Hilton Head SC is low, making it safe and overall an excellent place to live, many would argue that the costs of living are relatively high. The median home value, according to Zillow and Realtor, is around $450,000 and the average rent is about $2,300. If a decade ago, you would’ve been able to rent a one-bedroom apartment with $750/month, nowadays, you can get the same apartment for almost double the price.
Going 33 miles to the south along the coast, you would reach Savannah GA, which is about 50% cheaper than the Hilton Head island of South Carolina. The costs of living on the island are higher than Naples, FL, by about 8%, making it less affordable for the lower and even the middle class. Because of the high costs of living, more people consider it a better place to visit and not to live in.
You can reach out to our realtors in Hilton Head SC if you want to find out more about the housing market in the area, or if you are interested in selling/buying property. Is the cost of living in Hilton Head South Carolina outweighing the world-class amenities of this resort town, or is it the other way around? Let us know by leaving a comment.
Popular Real Estate Questions
Popular Real Estate Glossary Terms
Space that is available to all tenants or owners, such as a courtyard, main entrance, elevator, and pool. ...
Retail businesses in the same locality having a parking lot servicing them. The center may contain a department store, small retailers, and restaurants. There may also be a movie theater. ...
The term annuity due is a contract that demands payment at the beginning of each period. The most common example of an annuity due in real estate is rent when we consider that most ...
Property that is unoccupied and thus not being used. It is usually raw land with no structure or improvements theron. ...
The gross operating income definition is the total income that a real estate development receives from rentals and services before any costs or expenses are subtracted. Gross operating ...
Doing business as, or DBA, means an official moniker for your enterprise or company. Regularly, a DBA is a state certificate serving as a registration name and issued under a ...
The Internal Revenue Code (IRC Sections 1034 and 121) providing that a person over age 55 can sell a principal residence at a gain and exclude once in a life time up to $125,000 of the gain ...
If you're involved in real estate, whether buying, selling, or investing, you might have come across the term "alluvium." It's not just a fancy word but an important concept. Let's delve ...
A mortgage loan is nothing more than a real estate debt instrument. Acquiring a mortgage loan is the most common method of financing a home in America. The benefits are tremendous and ...
Have a question or comment?
We're here to help.