Cost of Living in
Florence, SC

The Florence, SC Financial Bleed Report: 2026 Edition

Forget the "Cost of Living Index." That abstract number, sitting at 88.0, suggests Florence is a bargain, that your dollar stretches further here than the national average. But for the relocator looking at the actual bank statements, averages are a trap. They smooth out the jagged edges of reality. To live in Florence, you aren't just paying for housing; you are paying for the geography, the insurance risks, and the specific tax structure of South Carolina. The median household income sits at $56,433, but financial comfort requires significantly more than that once you account for the bleed. The estimated single income needed to step over the line from scraping by to actual comfort starts around $31,038, but that figure is dangerously optimistic if you plan on owning property or carrying any debt.

The Big Items: Where the Paycheck Goes

The largest expense category for anyone living in the Pee Dee region is housing, but the dynamics here differ from the national narrative. While the median home price is $259,000, the rent-to-income ratio is where you feel the squeeze immediately. A one-bedroom apartment averages $792, while a two-bedroom jumps to $1,012. If you are a single earner making that median $31,038, a two-bedroom apartment consumes roughly 39% of your gross income before you’ve paid for electricity or a gallon of gas. This pushes you past the standard "safe" threshold of 30%. Buying a home is the traditional hedge against rent hikes, but in Florence, it is a calculated risk. The $259,000 median price requires a substantial down payment to avoid being "house poor," and given the region's humidity and storm exposure, maintenance costs are not a line item you can ignore. The market isn't "hot" in the sense of bidding wars, but it is "sticky"—sellers are holding firm on prices that are difficult for locals to service.

Taxes are the silent killer in South Carolina, often disguised as a benefit. Yes, the state boasts a low income tax bracket structure, but the bite comes from the combined sales tax and property tax load. South Carolina has a 6% state sales tax, but local-option taxes can push the total sales tax in Florence County up to 8%. Every major purchase, from a new washing machine to a car, instantly incurs an 8% premium. The real estate tax burden is moderate compared to high-tax states, usually hovering around 0.5% to 0.6% of assessed value, but don't let that fool you. On a $259,000 home, you are looking at roughly $1,300 to $1,550 annually in property taxes. While that sounds low, when combined with the mandatory homeowners insurance premiums in a high-risk hurricane zone, the total monthly housing payment (PITI) often balloons well beyond the mortgage principal and interest.

Then there is the daily burn: groceries and gas. You will not find the aggressive discounting found in major metro areas. Groceries in Florence run about 7% higher than the national average. There is a "convenience tax" on basics because of the logistics of getting goods into the region. Gasoline prices fluctuate, but they generally track slightly above the national average due to state excise taxes and distribution costs. You can expect to pay roughly $0.05 to $0.10 more per gallon than the national baseline. If you have a commute—say, 15 miles each way to the industrial parks off I-95—that extra dime adds up fast. Over a year, that fuel variance alone can cost you an extra $200 to $300 in pure waste compared to a more centrally located city.

Hidden 'Gotcha' Costs

The "sticker shock" in Florence doesn't come from the headline price; it comes from the insurance mandates and the lack of infrastructure alternatives. If you finance a home here, you will almost certainly be required to carry flood insurance if you are anywhere near the Great Pee Dee River or its tributaries. This is not optional. Flood insurance premiums are rising annually, often adding $800 to $2,500 per year to your housing cost depending on the flood zone designation. Furthermore, wind and hail deductibles in South Carolina are often percentage-based (typically 1% to 5% of the dwelling coverage), meaning a single storm could cost you $2,590 (1% of $259,000) out of pocket before insurance kicks in a dime.

While Florence isn't riddled with tolls like the Northeast, the infrastructure is car-dependent to a degree that nickel-and-dimes you to death. There is no viable public transit alternative, so every errand requires fuel, wear and tear, and parking. Parking in downtown Florence is a mix of free and metered, but if you need a dedicated spot or garage, you are paying monthly fees. Additionally, the proliferation of HOA fees in newer subdivisions around Florence is aggressive. If you buy in one of these developments, expect to be nickeled and dime'd for $50 to $150 a month in HOA dues for basic landscaping and road maintenance, with special assessments looming for any infrastructure failure. These are costs that averages completely ignore.

Lifestyle Inflation: The Cost of Sanity

When you are living on a tight budget, entertainment is the first casualty, but you still need to function. In Florence, the cost of "going out" or maintaining a basic lifestyle is surprisingly comparable to larger cities, despite the lower housing costs. A mid-range dinner for two with drinks will easily run $80 to $100 plus tip. A draft beer at a local bar isn't cheap; you are looking at $5 to $7. If you want a gym membership, a standard commercial gym (like Planet Fitness or similar) will cost roughly $25 to $35 per month, but boutique fitness studios will charge $100+ to target the higher-income demographic.

Even the small daily rituals add up. A decent cup of coffee from a local roaster isn't the $2.50 you might find at a drive-thru chain; it runs $4.50 to $6.00. A movie ticket at the local cinema will set you back roughly $12. These seem like small numbers, but they represent the "lifestyle bleed." If you treat yourself to one coffee a week and one dinner out a month, you are spending roughly $200 monthly on discretionary items that vanish immediately. In a city where the median income is $56,433, that $200 represents a significant percentage of disposable income.

Salary Scenarios: The Reality Check

To understand what you actually need to survive or thrive in Florence, we have to look at specific income scenarios. The following table breaks down what you can realistically expect to afford based on your gross annual income. Note that "Comfortable" implies the ability to save for retirement and handle emergencies without stress.

Frugal Analysis: If you are a single earner making $30,000, you are in survival mode. After taxes (Federal + SC State + FICA), your take-home is roughly $2,300/month. Renting a 1BR at $792 leaves you with $1,508. From that, you must pay electric (expect $120 average), gas for the car ($150), car insurance ($100), groceries ($300), and a phone/internet bill ($100). You are left with roughly $738 for everything else—including saving. If you have a family on $55,000, the math gets grim. You are likely forced into a 2BR apartment at $1,012, which immediately tightens the belt on every other category.

Moderate Analysis: This is the "working class" stability bracket. A single earner at $55,000 takes home roughly $3,400/month. This allows you to rent a 2BR comfortably or, more strategically, buy a $200,000 home. If you buy a $200,000 home with 10% down and a 7% interest rate, your mortgage, taxes, insurance, and PMI will run roughly $1,750/month. That leaves $1,650 for everything else. It is viable, but one major car repair or medical bill wipes out your monthly surplus. A family earning $90,000 is in a similar position but has slightly more breathing room for childcare or extracurriculars.

Comfortable Analysis: To truly live without the constant background anxiety of money in Florence, you need to be in this bracket. At $80,000 single income (approx $4,900/month take-home), you can afford the median home ($259,000) with a mortgage payment around $2,200 and still have $2,700 left for utilities, food, savings, and fun. You can afford the $2,500 flood insurance bill without panic. You can afford a new car note without it eating your entire discretionary budget. For a family to be truly comfortable, those combined earnings need to hit $130,000+. This allows for maxing out a Roth IRA, contributing to 529 plans for kids, and taking actual vacations. Anything less than this, and you are making trade-offs on your future security.