This article takes a look at the 20 best places to retire in South Carolina in 2024. If you wish to skip our detailed analysis on navigating your retirement journey, you may go to 5 Best Places to Retire in South Carolina in 2024.
On Navigating Your Retirement Journey
The market for “would-be” home-buyers remains quite “tight”, a recent Zillow Group, Inc. (NASDAQ:Z) survey reveals. As of April 2024, the survey notes a revised down expectation on home sales considering mortgage rates remain elevated, limiting housing demand as well as sales volume. One real estate market that’s making rounds on the internet for its continued rise in home prices is South Carolina. In its recent home prices forecast, Zillow Group, Inc. (NASDAQ:Z) notes that home prices in South Carolina have risen in 2024 and will continue to do so in the following year. As of 2024, home prices in the Palmetto State average at $293,893, up 4% year-over-year.
Despite such inflation, rising home prices, and even fears of a recession, one demographic group has been on the move in search of the best states to retire. That’s right, the US witnessed one of the biggest relocations in the year 2023, and that too by retirees. Reports from moving companies such as Hire a Helper and U-Haul Holding Company (NYSE:UHAL) have analyzed data and reported on these moves. According to Hire a Helper, South Carolina was the second destination witnessing the most retiree moves after the Sunshine State of Florida. U-Haul Holding Company (NYSE:UHAL) shares some similar findings, reporting that the state is one of the fastest-growing in the nation, taking on the 4th spot. A poll conducted by ABC15 asking respondents why they moved to the Palmetto State revealed that 54% did for the weather, 14% for the taxes, and 21% for the cost of living. These findings shed light on the myriad pros of retiring to South Carolina, such as its inviting climate, tax advantages, and overall affordability. It also explains why the State is witnessing a rise in home values, even though it remains quite affordable as yet.
Many retirees often wonder whether it’s cheaper to retire in South Carolina than in states such as Florida. While the answer isn’t that straightforward, it probably is. The cost of living in the Palmetto State is an estimated 5.4% cheaper than the US average. Moreover, while retirement income is partially taxed in the state, retirees can still avail up to $10,000 in deductions. Florida retirees claim to pay huge sums of money in insurance, and many have been going back to work simply because they can’t afford the rising living costs.
A T. Rowe Price Group, Inc. (NASDAQ:TROW)’s recent Retirement Saving & Spending Study confirms this notion, stating how an estimated 20% of retirees are either working full-time or part-time, while 7% are also actively looking for employment. The T. Rowe Price Group, Inc. (NASDAQ:TROW) study reveals that many retirees consider part-time work as a good retirement strategy, and 57% of retirees want to continue working in one form or another.
“Many retirees either choose to work or need work to be included in their retirement lifestyle. The decision can have many powerful positive effects, not least of which is financial well-being”.
– Judith Ward, CFP®, a thought leadership director at T. Rowe Price Group, Inc. (NASDAQ:TROW).
Exhausted by the rising costs of living, taxes, and similar financial pressures, retirees have been on the move searching for the most affordable places to retire in the US. Ameriprise Financial, Inc. (NYSE:AMP), a diversified financial services company, notes how it’s disappointing yet true that retirees today aren’t able to get their well-deserved retirement. For this reason, they’ve highlighted certain strategies that can help them retire even amidst a challenging retirement. One of the tactics that Ameriprise Financial, Inc. (NYSE:AMP) stresses is reconsidering your time of retirement. Some retirees find themselves feeling secure if they continue working during periods of uncertainty.
Whether you choose to work in retirement or manage expenses on your fixed income, choosing the best place to settle in your golden years is an important prerequisite. On that note, let’s check all the best places to retire in South Carolina in 2024.
Methodology
To compile the list of best places to retire in South Carolina in 2024, we used several of our lists such as the best places to retire in the US, East Coast cities, retiring to South Carolina, and external sources such as US News & Real Estate, Niche, and New Home Source, to name a few. Next, we ranked the cities and towns on cost of living, median home price, livability, and number of hospitals. Median home price has been sourced from Redfin and Realtor, livability scores from Area Vibes, while the number of hospitals is an estimated number from sources such as Sciway. Places were ranked and scores were summed up to calculate an Insider Monkey Score. The top 20 places are presented below.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the best places to retire in South Carolina in 2024:
20. Kiawah Island
Insider Monkey Score: 11
IM Cost of Living Index: 111.0
Median Home Price: $2,400,000
Number of Hospitals: 1+
Livability Score: 63
If you have a big fat nest egg and wish to live a luxurious retirement, Kiawah Island is the place for you. Boasting miles of white sand beaches, incredible amenities, and world-class golf courses, retirees can live a lavish lifestyle here on Kiawah Island.
19. Hilton Head Island
Insider Monkey Score: 14
IM Cost of Living Index: 106.2
Median Home Price: $650,000
Number of Hospitals: 1+
Livability Score: 63
Next on our list of best places to retire in South Carolina in 2024 is Hilton Head Island. Home to pristine beaches and scenic marshlands, retirees get to enjoy an active beach lifestyle, world-class golf courses, and modern amenities.
18. James Island
Insider Monkey Score: 21
IM Cost of Living Index: 118.0
Median Home Price: $544,000
Number of Hospitals: 1+
Livability Score: 71
Located in Charleston County, James Island is a beautiful yet unique island that retirees can consider for their golden years. Friendly neighbors, necessary amenities, and a relaxed vibe make living here worthwhile.
17. Bluffton
Insider Monkey Score: 24
IM Cost of Living Index: 101.2
Median Home Price: $599,900
Number of Hospitals: 1+
Livability Score: 70
Those who wish to retire in luxury and modern amenities can do so in Bluffton. Private retirement clubs offer the best restaurants, fitness facilities, and much more. On the whole, Bluffton won’t cost you an arm and a leg to retire and offer you all the right amenities.
16. Tega Cay
Insider Monkey Score: 31
IM Cost of Living Index: 95.5
Median Home Price: $465,000
Number of Hospitals: 1+
Livability Score: 69
What better way to spend one’s retirement than amidst beaches, natural beauty, and wooded neighborhoods? Tega Cay is an exceptional retirement destination that is one of the safest places to retire in South Carolina.
15. Beaufort
Insider Monkey Score: 34
IM Cost of Living Index: 96.7
Median Home Price: $421,000
Number of Hospitals: 1+
Livability Score: 71
Besides its comfortable climate and good air quality, Beaufort is one of the best places to retire in South Carolina in 2024 where retirees get to enjoy fine dining, rich history, many galleries, beaches, and much more.
14. Rock Hill
Insider Monkey Score: 34
IM Cost of Living Index: 99.2
Median Home Price: $315,000
Number of Hospitals: 1+
Livability Score: 69
This booming industrial hub called Rock Hill is a top retirement destination in South Carolina because of its “burgeoning” dining and art scene, rich history and culture, as well as its eclectic downtown.
13. Lake Keowee
Insider Monkey Score: 39
IM Cost of Living Index: 88.5
Median Home Price: $540,000
Number of Hospitals: 0
Livability Score: 72
Nestled in the foothills of the Blue Ridge Mountains, Lake Keowee is a hidden South Carolina gem waiting to be discovered. Those who prioritize their health and well-being should consider retiring to this part of South Carolina where they can enjoy hiking through nature trails, golfing with pals, utilizing well-equipped fitness centers, and fishing through the waters. One of the nearest hospitals is Prisma Health Oconee Memorial Hospita in Seneca, an estimated 20 minutes away.
12. Mount Pleasant
Insider Monkey Score: 40
IM Cost of Living Index: 113.0
Median Home Price: $995,000
Number of Hospitals: 2
Livability Score: 71
A large suburban town in Charleston County, Mount Pleasant is best known for its lovely homes and magnificent beaches. The cost of living is higher than the national average here, which means retirees must have fat nest eggs to retire here.
11. Aiken
Insider Monkey Score: 45
IM Cost of Living Index: 87.8
Median Home Price: $305,000
Number of Hospitals: 1
Livability Score: 68
One of the best small towns to retire in the South, Aiken is best known for its affordable cost of living, rich arts scene, tree-lined streets, and lively downtown.
10. North Augusta
Insider Monkey Score: 45
IM Cost of Living Index: 83.8
Median Home Price: $296,000
Number of Hospitals: 1+
Livability Score: 67
The vibrant North Augusta in Aiken and Edgefield counties sits on the north bank of the Savannah River, offering residents a rich history, picturesque views, and a friendly community.
9. Summerville
Insider Monkey Score: 49
IM Cost of Living Index: 101.6
Median Home Price: $388,000
Number of Hospitals: 3
Livability Score: 61
Home to beautiful year-round weather, breathtaking islands and beaches in proximity, and a fine dining scene, retiring to Summerville is a great idea for retirees who wish to have a good time without breaking the bank.
8. Simpsonville
Insider Monkey Score: 49
IM Cost of Living Index: 92.2
Median Home Price: $340,000
Number of Hospitals: 1
Livability Score: 85
As a retiree in Simpsonville, one gets to appreciate the city for its rich history, culture, and natural beauty which makes it perfect to enjoy nature and indulge in countless recreational opportunities.
7. Spartanburg
Insider Monkey Score: 56
IM Cost of Living Index: 87.9
Median Home Price: $257,300
Number of Hospitals: 1
Livability Score: 74
The most popular thing about Spartanburg as a retirement destination is that it offers its residents all four seasons. Its picturesque streets brim with boutiques, restaurants, and lots of music and art.
6. Seneca
Insider Monkey Score: 63
IM Cost of Living Index: 89.5
Median Home Price: $474,076
Number of Hospitals: 2
Livability Score: 72
According to Zillow Group, Inc. (NASDAQ:Z)’s housing market forecast, Seneca real estate is set to experience robust growth and demand in 2025, making it a strong contender for real estate investment. Apart from being a good buy, Seneca is also one of the best places to retire in South Carolina on a budget in 2024 because of its abundant historical attractions, nature trails and waterfalls, numerous golf courses, and live performance venues.
Click to continue reading and see the 5 Best Places to Retire in South Carolina in 2024.
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Disclosure: none. 20 Best Places to Retire in South Carolina in 2024 is originally published on Insider Monkey.