Retirees Are Moving To South Carolina

Florida is no longer the dream destination. Retirees are moving to South Carolina for a better quality of life and better cost of living. But retirees aren’t the only ones moving to our neck of the woods. People of all ages find the Carolinas, especially South Carolina, to be a financially appealing place to live. Rent is more affordable than in most states. The average home value is nearly $100,000 less than the national average. While groceries are about the same as elsewhere, lower taxes help make other goods like clothing less expensive. 

Speaking of taxes, our property taxes are moderate compared to states like Illinois and Texas. Florida has become unaffordable due in part to rising property taxes and skyrocketing homeowners’ insurance rates. Yet the main reason most retirees can’t afford to live in Florida anymore happened following the collapse of the Surfside condo that killed 98 people. In 2022, state officials passed strict regulations that required condominiums to change how they operate which forced many property owners to sell.

Associations with buildings 3-floors and higher had to conduct pricey phase I and phase II inspections and pay for structural integrity reports and reserve studies. Condo dues increased and many condo owners were assessed thousands of dollars when condo reserves couldn’t cover the expenses. Those who couldn’t afford to pay the assessments had to sell and move. 

Florida is home to millions of condominiums because that’s where most retirees wanted to live. Now only the wealthy can afford a condominium.  Meanwhile the purchase price for a condominium in the Carolinas is lower and so is the average monthly dues. That's why even Floridians are headed North for a similar climate and lower prices on homes and insurance.