4 Most Overpriced South Carolina Retirement Towns, According to Real Estate Agents
South Carolina, with its Southern charm, delicious cuisine, historic sites and outdoor and coastline activities, has always been a desirable place to retire. But since 2020, it’s also gotten much more expensive, according to a study by 55places, a site dedicated to helping those aged 55 and older find desirable places to live.
Discover More: America’s 50 Most Expensive Retirement Towns
Trending Now: 4 Subtly Genius Moves All Wealthy People Make With Their Money
But, they reported, prices are starting to come down, at least in some places. Meanwhile, some popular cities and spots may be out of reach financially for future retirees.
Here are four desirable places that might be too pricey for many retirees, with four viable alternatives.
Charleston
One of the South’s better known cities, Charleston, has a rich history and an even richer set of things to do. Horse-drawn carriage rides through historic downtown, museums, restaurants, shops, and more.
Unfortunately, Charleston’s riches make it a bit too expensive for many retirees’ savings. According to Zillow, the average value of a home here is $563,000, and Best Places measures Charleston’s cost of living at 12% higher than the country’s average. Ouch.
A good alternative for those wanting to spend their golden years in Charleston, but wanting to save a little gold for fun, is Columbia, South Carolina, said Alexei Morgado, a real estate agent and CEO of Lexawise.
The average value for a home in Columbia is half of Charleston’s, at $230,000, and the cost of living is more than 12% lower than the nation’s average. A little more than a hundred miles from Charleston, the state capital of Columbia offers its own museums and rich history, as well as nearby lakes and rivers for an active outdoor lifestyle.
Read Next: 21 Affordable Small Cities To Retire on the East Coast
Hilton Head Island
With its ocean panoramas and outdoor activities that take advantage of Sea Pines Forest Preserve or Pinckney Island National Wildlife Refuge, along with its many shops and restaurants, it’s easy to see why retirees would covet Hilton Head Island.
But the island life is expensive, with the average home value topping $760,000 and a cost of living more than 4% above the nation’s average.
“Similar coastal amenities are available at Myrtle Beach, where median home prices run about $298,000,” said Morgado.
Add to that a cost of living more than 9% below the national average, a booming healthcare industry and great golf courses, and Myrtle Beach might be a viable alternative. Perhaps that’s why Best Places describes it as a retirement destination.
Mount Pleasant
Boasting wonderful outdoor activities and historic sites, this metro area is located among coastal plains and rivers.
“Mount Pleasant, near Charleston, certainly maintains its suburban appeal, though it’s very expensive,” said Morgado.
It’s true. Retirees on a housing budget will find the average home price of more than $830,000 — a bit shocking. And the cost of living at 12% above the national average adds insult to injury.
“Summerville might be a better choice due to its affordable median home price and proximity to Charleston,” Morgado said.
In fact, this vibrant town, east of Charleston, has an average home price of $377,000 and a cost of living nearly 2% below the national average. The area has many parks and trails and good healthcare options, according to Best Places.
Beaufort
Beaufort has historic waterfront charm, with beaches, wetlands and many annual events. A beautiful, peaceful town, with good healthcare, it’s a great choice for retirees.
Unfortunately, it’s on the expensive side. The average home value is $393,000 and Beaufort’s cost of living is 4.3% higher than the national average.
“Georgetown has similar features and a median home value well below Beaufort’s,” said Morgado.
It’s more affordable with a cost of living 5.3% lower than the national average and an average home value of $257,000. A retirement destination in its own right, it also boasts coastline vistas and many outdoor activity options.
All average home values from Zillow.com; all cost of living data from BestPlaces.com.
More From GOBankingRates
4 Low-Risk Ways To Build Your Savings in 2025
3 Things You Must Do When Your Savings Reach $50,000
This article originally appeared on GOBankingRates.com: 4 Most Overpriced South Carolina Retirement Towns, According to Real Estate Agents
