In this article, we will take a look at the 16 best places to live in South Carolina for retirees. If you want to see more places in this selection, go to the 5 Best Places to Live in South Carolina for Retirees.
Despite the possibility of a recession in the US in 2023, South Carolina’s economy remains strong and is expected to weather any potential impacts relatively well. Concerns regarding a potential recession stem from the current climate of high inflation and increasing interest rates. Research economist at the University of South Carolina (USC) Joseph Von Nessen attributes the cause of high inflation to imbalanced supply and demand dynamics across the country, including in South Carolina. The influx of federal stimulus, amounting to $6 trillion, throughout 2020 and 2021 has resulted in a surge of consumer demand, contributing significantly to the current inflation levels. However, Von Nessen remains optimistic about South Carolina’s economy and anticipates that it will continue to grow for the foreseeable future, barring any unexpected circumstances.
The state’s recovery from the pandemic has also been robust, with strong employment gains across most industries and regions. In 2022, South Carolina experienced a historic $10 billion in economic investment, with a significant portion of that being driven by the automotive industry’s shift towards electric vehicles. Investment in the industry has been spurred by major announcements, such as the expansion of the BMW Plant in Spartanburg, which includes a $1.7 billion battery assembly plant in Woodruff. Additionally, Envision AECS, a Japanese electric battery technology company, also announced its plans to invest $810 million in building a battery cell plant in Florence County, while Redwood Materials Inc. announced a record $3.5 billion investment in Berkeley County. The trend is expected to continue, with Richland County anticipating a $323 million investment in a manufacturing plant for electric battery components. In addition to the automobile companies, some of the other popular multinationals operating in South Carolina include McDonald’s Corp (NYSE:MCD), Amazon.com, Inc. (NASDAQ:AMZN), and Starbucks Corp (NASDAQ:SBUX).
South Carolina’s strong economy offers retirees easy access to a wide range of amenities and services, making it an attractive destination for retirement. Additionally, the state is tax-friendly for retirees since it does not tax Social Security income and offers tax breaks for retirees. The state also has a lower cost of living compared to other popular retirement destinations. According to the cost of living data compiled by the Missouri Economic Research and Information Center (MERIC), South Carolina is the fourteenth most affordable US state to reside in as of 2022. The cost of living index for the state stands at 89.3, which reflects that the cost of living in the Palmetto State is 10.7% lower than the national average. Nine of the 16 shortlisted places in this article have a cost of living that is even lower than the state average. Moreover, the moderate climate of South Carolina, with warm summers and relatively mild winters, makes it an ideal destination for retirees looking to avoid harsh winter weather. South Carolina is also home to numerous historic cities and towns, including Charleston and Greenville, which offer a vibrant cultural scene with museums, theatres, and galleries.
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Our Methodology
To determine the 16 best places to live in South Carolina for retirees, we utilized a consensus opinion-based approach based on seven factors, including the cost of living, demographics, median house prices, safety, transportation, recreational activities, and overall quality of life. Each location was given a maximum score of 10 for each factor, and the highest possible score a location could achieve was 70. The scores were determined after analyzing data from 20 reputable sources, such as Forbes, Retirable, and Niche. We have ranked these places in ascending order of their total score.
Best Places to Live in South Carolina for Retirees
16. Isle of Palms
Total Score: 20
Percentage of Population Above 65: 28%
Isle of Palms is a beautiful barrier island located off the coast of South Carolina. The island is known for its pristine beaches, including the renowned Front Beach, as well as a wide range of recreational indoor and outdoor activities for retirees. Isle of Palms has a mild climate, with an average temperature of around 65 degrees Fahrenheit. This makes it a great place for people who prefer warmer weather year-round. Isle of Palms has a laid-back, relaxed lifestyle that can be appealing to retirees looking for a slower pace of life.
15. Garden City
Total Score: 21
Percentage of Population Above 65: 38.3%
Garden City is situated along the Atlantic coast, just south of Myrtle Beach. The town also has a pier that extends out into the ocean and is a popular spot for fishing and sightseeing. Retirees can also enjoy beachcombing, swimming, sunbathing, and a variety of water sports. There is also the opportunity for hiking, birdwatching, and fishing. Garden City has a pleasant subtropical climate, with mild winters and warm summers. This makes it an ideal location for those who want to escape colder climates during their retirement.
14. Mount Pleasant
Total Score: 22
Percentage of Population Above 65: 17.5%
Mount Pleasant is known for its scenic beauty, historic sites, and vibrant cultural scene. The town is situated just across the Cooper River. Mount Pleasant is home to several parks, including Palmetto Islands County Park and Mount Pleasant Memorial Waterfront Park. The town is also close to various beaches, including Isle of Palms and Sullivan’s Island. Mount Pleasant has a rich history, with many historic sites and landmarks, including the Boone Hall Plantation and Gardens, the Charles Pinckney National Historic Site, and the Old Village Historic District.
13. Greenwood
Total Score: 23
Percentage of Population Above 65: 19.2%
Greenwood is situated in the western part of the state, about 85 miles west of Columbia, the state capital, and 50 miles south of Greenville. Greenwood is home to several parks and recreational areas, including Lake Greenwood and Lander University. The city also hosts a variety of events and festivals throughout the year, such as the South Carolina Festival of Flowers and the South Carolina Festival of Discovery. The cost of living in Greenwood is the lowest among the 16 places making this list at 72.8.
12. Lexington
Total Score: 24
Percentage of Population Above 65: 16.7%
Lexington is situated in the central part of the state, about 12 miles west of the state capital, Columbia. Lexington is home to many parks and recreational areas, including Lake Murray, which offers boating, fishing, and other water activities. The town also hosts a variety of events and festivals throughout the year, such as the Lexington County Peach Festival and the Lexington Wine Walk. Lexington has many high-quality medical facilities, including Lexington Medical Center, which is recognized as one of the top hospitals in the state.
11. Aiken
Total Score: 25
Percentage of Population Above 65: 20.4%
Aiken is situated in the western part of the state, about 20 miles northeast of Augusta, Georgia. Aiken is also home to several horse farms and equestrian events throughout the year, including the Aiken Triple Crown, which consists of three prestigious equestrian competitions. Aiken has a mild, four-season climate with relatively low humidity, making it a comfortable place to live year-round. Aiken has numerous parks, including Hopelands Gardens and Hitchcock Woods, which offer opportunities for outdoor recreation. Aiken also has a thriving arts and culture scene, with a variety of galleries, theatres, and museums.
10. Beaufort
Total Score: 30
Percentage of Population Above 65: 28.5%
Beaufort is situated in the southern part of the state, about 70 miles south of Charleston. Beaufort has a rich history, including a prominent role in the Civil War and a vibrant Gullah culture. Beaufort’s historic district is a popular attraction, with its well-preserved antebellum architecture and tree-lined streets. The city is also surrounded by water, with the Beaufort River and Port Royal Sound offering a variety of water activities. Beaufort is known for its tight-knit community, with friendly locals and many opportunities to get involved in community events and organizations.
9. Sumter
Total Score: 31
Percentage of Population Above 65: 17.2%
Sumter is one of the most affordable places to retire in South Carolina, as per the cost of living index of 78.8. This is favorable for retirees as it reflects that the cost of living is 21.2% lower than the national average. The city is situated in the central part of the state, about 40 miles east of Columbia, and is known for its rich history and outdoor recreation opportunities. Sumter’s history dates back to its role in the Civil War. The city has several historic sites and museums that can appeal to history buffs.
8. Summerville
Total Score: 32
Percentage of Population Above 65: 14.3%
Summerville is a charming town located in Dorchester County, South Carolina. It is situated about 25 miles northwest of Charleston and is known for its historic homes, beautiful gardens, and southern charm. The town has a quaint downtown area with shops, restaurants, cafes, and numerous parks and recreational areas. Summerville’s main attractions are its beautiful gardens, including the famous Azalea Park. This 12-acre park features a stunning collection of azaleas, as well as camellias, dogwoods, and other flowers and trees.
7. Spartanburg
Total Score: 33
Percentage of Population Above 65: 16.3%
Spartanburg is home to several colleges and universities, including the University of South Carolina Upstate and Wofford College. The city has a relatively low cost of living of 81.2, which can be appealing for retirees on a fixed income. Housing costs are also lower than in many other popular retirement destinations, making it easier to find an affordable home. Spartanburg Regional Healthcare System is the largest healthcare system in the Upstate and provides high-quality healthcare to the residents. This system includes a Level 1 Trauma Center and a Cancer Institute.
6. Bluffton
Total Score: 35
Percentage of Population Above 65: 18.8%
Bluffton has a mild climate with four distinct seasons, making it a comfortable place to live year-round. Summers are warm and humid, while winters are mild and generally snow-free. The town is also located just minutes away from Hilton Head Island’s beaches and golf courses. Bluffton has a variety of medical facilities in the area, including Coastal Carolina Hospital and Hilton Head Regional Healthcare. Additionally, the town is located just a short drive from Savannah, Georgia, which has several highly-regarded hospitals and medical centres.
South Carolina has worked to establish an environment that is conducive to business growth, leading to the establishment of several major companies such as McDonald’s Corp (NYSE:MCD), Amazon.com, Inc. (NASDAQ:AMZN), and Starbucks Corp (NASDAQ:SBUX). The presence of these companies can provide retirees with easy access to goods and services they are familiar with, making it easier to transition to a new area.
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Disclosure: None. 16 Best Places to Live in South Carolina for Retirees is originally published on Insider Monkey.
