Cost of Living Comparisons
The ACCRA Cost of Living Index is a quarterly survey that compares the relative cost of living of professional
or executive households among U.S. metropolitan areas and cities. The survey is based on 59 specific items, for which prices are collected quarterly by participating communities. Taxes are not included.
Over three hundred urban areas participated in the fourth quarter 2004 survey. The average for all participating areas equals 100, and each participant's index reads as a percentage of the average for all places. For example, in the fourth quarter 2004, the Charleston area's relative cost of living was 97.8, or 2.2 percent below the average cost of living of all participating areas.
| Selected Metro Area |
All Items Index |
| Atlanta, GA |
96.5 |
| Birmingham, AL |
92.9 |
| Boston, MA |
138.6 |
| Charleston SC Area |
97.8 |
| Charlotte, NC |
92.3 |
| Columbia, SC |
95.4 |
| Jacksonville, FL |
94.3 |
| Nashville, TN |
92.6 |
| Raleigh, NC |
92.7 |
| Richmond, VA |
100.5 |
| Washington, DC |
144.5 |
The composite index is based on six components. The component index figures for the Charleston area are as follows.
| Components |
Index |
| Grocery Items |
97.6 |
| Housing |
93.3 |
| Utilities |
99.4 |
| Transportation |
92.3 |
| Health Care |
98.8 |
| Miscellaneous Goods and Services |
102.5 |
| All Items (Composite) |
97.8 |
|
|
Apartment Rental
The average monthly rental cost for a 2 bedroom, 2 bathroom, unfurnished apartment excluding all utilities except water is $726.
Housing Costs
The estimated purchase price for a newly built home with 2,400 square feet of living area in the Charleston area is $248,284. This home price is typical in neighborhoods containing primarily professional and/or executive households.
The following is the estimated purchase price for a comparable home in selected metropolitan cities:
| Selected Metro Area |
Average Home Price |
| Atlanta, GA |
$243,233 |
| Birmingham, AL |
$201,050 |
| Boston, MA |
$461,732 |
| Charleston Area |
$248,284 |
| Charlotte, NC |
$218,550 |
| Columbia, SC |
$248,000 |
| Jacksonville, FL |
$246,878 |
| Nashville, TN |
$202,175 |
| Raleigh, NC |
$205,195 |
| Richmond, VA |
$263,334 |
| Washington, DC |
$556,066 |
|
