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
Assures that the title is free of any legal claims including encumbrances. It includes covenants of seizin, freedom from encumbrance, express warranties of title, right to quiet enjoyment, ...
The bonus depreciation definition refers to a tax incentive that allows a business to accelerate the depreciation deduction in the year when the asset is purchased and placed into use. The ...
Real rate of interest on a loan. It is the coupon rate divided by the net proceeds of the loan. Assume Sharon took out a $1,000,000, on year, 10% discounted loan to buy real estate. The ...
individual who purchases property for another for the purpose of not identifying to the seller and other interested parties the real identity of the true acquirer. The individual who makes ...
The legal definition of conversion is the act of using property or funds with which one has been entrusted for purposes other than those for which the property was intended to be used by ...
Expiration of a lease or insurance policy by mutual consent of the parties, also to give up. ...
Are you thinking to yourself: What does replacement cost mean?When someone in the Real Estate Market mentions Replacement Cost, they are talking about an evaluation of how much it ...
Individual or entity that divides up a large piece of owned land into smaller pieces generally for the purpose of developing them into homes for sale in the future. ...
Method of using the buyer's down payment on a home as an interest bearing collateralized account to help offset the mortgage amortization process. The home down payment is used to ...
Have a question or comment?
We're here to help.