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Can you retire comfortably on $70K/year in the Greenville area assuming a mortgage of, say, $1,500/month? What about Hilton Head? I know cost of living is higher but how much higher? Many thanks.
Since you already have a monthly mortgage figure in mind, there aren't that many other factors within any given state. Compared to many other areas of the country, property taxes are pretty low in the upstate. Taxes on a comparable home would be about 20% of what we pay in FL. I have no idea, but I would think taxes might be higher in Hilton Head. I'm sure homeowners insurance would be higher near the coast. We are really getting whacked on HI in FL, and I've heard that other coastal areas are, too. You'll pay less for heat in HH, but probably more in A/C. Food, gas, medical bills, and utilities are probably pretty similar. I know I could live very comfortably around Greenville for $70K a year-your mileage may vary.
A lot depends on where you are moving from and what your current standard of living is. For instance, if you are moving from NYC and are currently living on that income you will live like a King or Queen (not sure of your gender) in Greenville. I plan to move there from GA so it is more of a financially lateral move.
I haven't checked out Hilton Head myself, but I know some people there and they say that it is WAY more expensive than the Greenville area.
Thank you so much for taking the time to respond. Your answers are very useful. I am of the opinion that, generally, the cost of living increases as you are closer to the coast. It would be interesting to know, concretely in the case of HHI, which factors make this area more expensive. I have read some statistics and, usually, it is indicated that food, for instance, is more expensive. I believe insurance, because of hurricanes and the proximity to the coast, must be another factor. Any further responses will be equally appreciated.
Maybe you could ask an insurance company about rates on HHI, or try the main SC forum. As an example, despite being 55' above seal level, our homeowners insurance here in FL is $3000 a year. By comparison, a friend in Greenville with a much larger and more expensive home, pays about $600. Just my 2 cents- but I'm sick and tired of the media scaring us constantly with all the talk about hurricanes. It never used to bother me, but now, I'd never live in a coastal area again.
Can you retire comfortably on $70K/year in the Greenville area assuming a mortgage of, say, $1,500/month? What about Hilton Head? I know cost of living is higher but how much higher? Many thanks.
Thank you guys. I will visit all those sites and I am sure there will be more interesting information available. Insurance is always something that you would like to avoid but it becomes necessary when you less expect it. I lived in Orlando, Florida for 8 years and never experienced a hurricane or a tornado except during my last year there, about three years ago, when I was so "lucky" that I experienced four of them, two of which were very bad. Again, many thanks for taking the time to respond and help.
PAS123
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