CHARLESTON, S.C. (WCBD) – We have all heard the saying “a dollar doesn’t go as far as it used to” and on the heels of skyrocketing inflation, some may feel that is especially true now more than ever.
But, exactly how far does a dollar — or rather a million of them — go in South Carolina?
According to the analysis by GOBankingRates, $1 million in savings would last a South Carolinian 22 years, 4 months, and 13 days, assuming you live a moderate lifestyle.
That is based on an estimated annual cost of $4,212.41 for groceries, $7,922.09 for housing, $4,157.52 for utilities, $3,365.70 for transportation, and $6,274.59 for healthcare.
The analysis found that the Palmetto State ranked 31st out of 50 states when it comes to making a million last. The money would run out the quickest in Hawaii at 10.9 years but could last more than 25 years in Mississippi.
According to 24/7 Wall St., the cost of living in South Carolina is lower than the national average and ranks 18th lowest across all U.S. states. The average cost of goods and services in South Carolina is nearly 9 percent less than the U.S. average.
March 2022 estimates from the Economic Policy Institute indicate that Beaufort County is the most expensive place to live in the state with a four-person family spending approximately $85,096 per year, while Orangeburg County is the least expensive at $59,685 per year.