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 Glossary Terms
A binding arbitration is a way to solve disputes without going to court. An alternative to the more expensive and lengthy legal procedures, a binding arbitration is basically the process ...
A legal procedure to sell a mortgage property to the highest bidder in order to satisfy a mortgage claim from a mortgagee against the value o the property. A foreclosure sale can occur from ...
Series of sloping horizontal slats most frequently mounted in doors and windows permitting the passage of air while restricting vision and preventing rain from entering the building. ...
Language commonly used in a fee simple title conveyance. The significance is whether the title is clear and can be passed on to the purchaser's estate including all heirs and those who may ...
(1) The interest rate charged on a construction loan. (2) The rate at which construction loan progress payments are made. See also bridge loan; bullet mortgage; development loan. ...
person's behavior partly genetic and partly learned through experience over time. Some people have good personal traits while others have poor ones. ...
In everyday discourse, a merger defines the combination of two entities, be it real estate or two companies, into a single and legit one. We should make a difference between a merger and ...
Same as term financial institutions: Institutions acting as intermediaries between suppliers and users of money. The financial markets are where those wanting funds are matched with those ...
Interest rate on a loan that varies periodically based on some related measure. If interest rates are currently high and a prospective buyer of a home believes future interest rates will be ...
Have a question or comment?
We're here to help.