Commonly known for its industrial economy and many manufacturing companies, the city of Greenville, SC is often referred to as the “Textile Capital of the World”. Residents in the area enjoy access to great Greenville amenities such as Falls Park on the Reedy, the Greenville Zoo, Haywood Mall, and more.
What is the cost of living in Greenville, SC? Is Greenville affordable? Getting more details about your expenditures for food, transportation, healthcare, and housing will help you learn what it costs to live in Greenville.
Greenville Cost of Living Index
Identifying how much it costs to live in Greenville is crucial to determining whether it is a good idea for you to relocate to the area. As you look at the Greenville cost of living index, you can compare average expenses and how prices vary from other states and national averages.
The main factors in your cost of living in Greenville will be based on your residence, your average living expenses, and other items you spend money on such as entertainment. You’ll also want to consider what it will cost to provide for all members within your household including spouses, significant others, roommates, kids, and others.
Taking a look at the cost of living index in Greenville, it is about 5% less expensive than the national average. This is very similar to the South Carolina state average with most of the common expenses being around the same for both. The Greenville cost of living index has gone up about 1.6% in the last year.
It costs about 24% less to live in Greenville than in Charleston, SC. The biggest difference between the cost of living in Greenville vs Charleston is the housing, which is much more affordable in Greenville.
Consumer Expenditures in Greenville (by % of Household Income)
- Housing 32.0%
- Transportation 18.2%
- Food 13.0%
- Personal insurance 11.2%
- Healthcare 8.5%
- Entertainment 5.0%
- Other 12.1%
Cost of Groceries, Food, Gas, & Household Items in Greenville
You’ll need to think about typical expenses before relocating to Greenville including your average monthly food cost, the average electric bill, price of gas, and others.
As you look into the average cost of groceries in Greenville, you’ll find reasonable prices for items at your local store. A few of the prices you can expect include a half-gallon of milk for $2.06, a dozen eggs for $1.74, a loaf of bread for $3.82, and a 5 lb bag of potatoes for $4.13.
Since we all know there are times when we prefer to eat out instead of staying in, you can always head to a fast-food restaurant like a Greenville McDonald’s for a ¼ pounder cheeseburger at a price point of $3.98. If you’re looking for something a bit nicer, you could get a 1 lb ribeye steak for $10.05.
Before relocating to a new location, you’ll typically set up services like electricity, water, and natural gas. Depending on the size of your home and its energy efficiency, the average utility bill in Greenville is around $150.15 per month.
Looking into local transportation costs, the current price of gas in Greenville is about $2.23 per gallon.
- Steak (Ribeye, 1lb.) $10.05
- Milk (regular 1/2 gallon) $2.06
- Eggs (1 Dozen) $1.74
- Potatoes (5 lb bag) $4.13
- Bread (1 loaf) $3.82
- Beer (Heineken’s 6 pack) $9.42
- Average Cell Phone Bill $178.05
- Average Cost of Gasoline (per gallon) $2.235
- Average Cost of Utilities (per month) $150.15
- McDonald’s Burger (1/4 Pounder) $3.98
- Large Pizza $9.62
- Movie Ticket (1st run) $12.14
Greenville vs. Charleston, SC Cost of Living
While the cities are about 213 miles apart, many people still wonder about whether it’s better to live in Greenville or Charleston, SC. If you consider the cost of living, then it is Greenville that has the advantage with its lower prices across basically every expense. Greenville is a much more affordable place to live than Charleston.
Living in Greenville is 24% less expensive when compared to the city of Charleston.
You’ll rarely find any standard costs in Charleston that are lower than the affordability of Greenville. The housing market alone is nearly 69% more expensive in Charleston than in Greenville.
Greenville Real Estate Market
While the real estate market in Greenville is considered by many to be affordable and reasonable, the city’s homeownership rate is only about 42.7%. The median listing price of a home in Greenville is about $290,000. Researching Greenville real estate trends, that is an increase of nearly 3% over the last year.
By searching through homes for sale in Greenville, SC, you’ll find many great options and can shop at your leisure since properties stay on the market for an average of 57 days. The Greenville real estate market offers homebuyers everything from small mobile home lots up to a handful of multimillion-dollar properties.
Most lenders want an average down payment of 15% and tend to go for a median sale price of $136 per square foot in Greenville. There is an average of 218 homes sold per month in the Greenville area. People who buy homes in the area have an average commute time of about 18 minutes.
Greenville Rental Market – Average Rent in Greenville
The remaining 57.3% of residents living in Greenville rent their homes and apartments, representing a slight majority over those who own. The average price of rent in Greenville is $1,174 per month. Greenville rent prices are trending upward as they’ve increased by about 5% in the last year, though your final cost will depend on the location and nearby amenities.
Rental prices in Greenville present an affordable alternative for people who aren’t ready to purchase a home or condo yet. Greenville rent is an average of $255 less per month than Charleston rental costs.
Average Salary & Household Income in Greenville
The cost of living in Greenville is only relevant when compared to the amount of money coming into your household. As you consider whether you can afford Greenville living expenses, you’ll need to see if it matches up with your anticipated income.
The average salary in Greenville is $62,000 per year, which has seen the trend in wages going up at a slight rate of 0.3%. Currently, the average hourly rate in Greenville is $17.08 per hour.
While these factors are important, the more vital number to recognize is the median household income in Greenville of $45,360 per year. This should be considered the necessary salary to live in Greenville. It is slightly lower than the South Carolina median household income which is $46,898.
Some of the most common careers in Greenville are positions as mechanics, maintenance workers, healthcare professionals, and business managers. The top employers in Greenville are:
- General Electric (GE)
- Greenville Hospital System
- Michelin North America, Inc.
Income, Sales, & Property Taxes in Greenville, SC
State Income Tax
South Carolina income tax rates are between 0% and 7%, based on your level of income. Local income taxes in Greenville follow the same standards set by the state.
Sales Tax
With the 17th highest sales tax rate in the United States, the state of South Carolina has various tax requirements that change in each city and county. While both the city of Greenville and Pierce County don’t require their own sales tax, residents still pay the standard 6% that is set by the state.
- South Carolina state tax rate 6.000%
- Pierce County tax rate 0.000%
- Greenville tax rate 0.000%
- Total sales tax rate 6.000%
Property Tax
The affordable cost of homes in Greenville can also be attributed to the city’s reasonable property taxes. The average property tax rate in Greenville is higher than the state average but is also lower than the national average.
- Greenville property tax rate 0.690%
- South Carolina property tax rate 0.550%
- National property tax rate 1.070%
As an example, if you purchased a home for the median list price of $290,000, then your Greenville property taxes would be about $2,001 per year.
Does the Cost of Living in Greenville Fit Your Budget?
Thanks to its affordable housing market and other low expenses, the cost of living in Greenville is less than the national average. It is also more affordable than its South Carolina neighbor of Charleston on the east coast.
If you’re thinking about moving to this great city, count on the best Greenville movers to assist you with the transition! Reach out to HD Auston Moving today by calling (888) 883-2795 or complete the Request a Quote form above for a free moving estimate!
