Florida and South Carolina are two states that frequently come up in comparison when looking for the most economical places to live. Both states offer specific perks and cons, so figuring out which is less expensive ultimately comes down to your lifestyle.
South Carolina boasts lovely southern towns and a burgeoning economy, whereas Florida is renowned for its mild climate, beaches, and tourist attractions. However, South Carolina typically has a lower cost of living overall than Florida.
The fact that housing costs are cheaper in South Carolina is one of the key causes of this. Although there are cheap housing options in both states, Florida’s typical home price is nearly $50,000 higher than South Carolina’s. In addition, South Carolina has cheaper property taxes than Florida, which can result in yearly financial savings for homeowners.
South Carolina residents can save money on taxes thanks to a few special exclusions. For instance, in South Carolina, many medical supplies, groceries, and prescription medications are not subject to sales tax. Over time, this can add up to big savings, especially for retirees or people on fixed incomes. In terms of state income taxes, South Carolina does have one, however it is a 7% flat rate. Although it may seem high, this is actually lower than the progressive income tax rates in some other states. In addition, South Carolina provides a range of tax incentives and credits for specific businesses and people, including pensioners and veterans of the armed forces.
The fact that South Carolina has one of the highest sales tax rates in the nation (at 6%) is a drawback to residing there. While prepared foods and other items are not subject to sales tax, groceries are. This may result in some common things costing a little bit more than they would in Florida, where the general sales tax rate is 6%.
In the end, where one chooses to reside—Florida or South Carolina—depends on their lifestyle and personal preferences. Overall, South Carolina could be a little less expensive, but Florida has special benefits including year-round warm weather and a thriving tourism economy. Before choosing a state, it’s crucial to analyze the benefits and drawbacks of each one and take into account aspects like housing expenses, taxes, and general quality of life.
Except for repairs to autos and other tangible personal property, which are subject to the state’s 6% sales tax rate, repairs are typically exempt from sales tax in South Carolina. However, it’s always a good idea to confirm any tax liabilities associated to repairs with the South Carolina Department of Revenue or a tax expert.