Cost of Living in Homewood, SC

With a cost of living index of 71, Homewood, SC is one of the most affordable cities in the country. Living here is 29% cheaper than the national average and 10% below the South Carolina state average of 82. Homewood is a small community of 1,390 residents.

Housing costs are the biggest factor in Homewood's cost of living. The median monthly rent is $779 (41% below the US median of $1,319), and the median home value sits at $183,300 (40% below the national median of $304,900). At current prices, the median home costs roughly 4.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Homewood is $44,466, which is 41% lower than the national median of $75,149. Residents spend roughly 21% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Homewood. The area sees an average annual temperature of 64°F, with summers averaging 79°F and winters around 48°F. Annual rainfall totals 48.5 inches spread over roughly 122 days.

Everyday prices in the Myrtle Beach-Conway-North Myrtle Beach, SC (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.