According to the second quarter 2010 ACCRA Cost of Living Index, Charleston’s cost of living index was 97.2, which is 2.8 percent below the national average (100.0) cost of living among the 314 urban areas participating.

The ACCRA Cost of Living Index is published quarterly by C2ER – The Council for Community and Economic Research. The composite index is based on six components – housing, utilities, grocery items, transportation, health care and miscellaneous goods and services.Charleston is below the national average in housing with 92.6 and transportation – 94.8. Yet grocery items are higher with 103.5.

When compared to the other cities in the 2010 regional economic score card that was recently released by the Charleston Regional Development Alliance and the Charleston Metro Chamber of Commerce – Center for Business Research, Charleston’s overall Cost of Living is high. At the same time, incomes in the Charleston region are 12 percent below the national average and housing prices remain above many of these areas as well. 

“We know people want to live in our region because of the quality of life offered by our coastal location.  All the same, the region must continue to work to close the gap in income and wages of our area.  The Cost of Living Index is a measure that helps us understand how we are doing compared to other regions” said Mary Graham, senior vice president, public policy/regional advancement for the Chamber.

Composite Cost of Living Index

The following is the composite Cost of Living index for selected metropolitan cities:

Selected Metro Area                                                     Cost of Living

Austin, TX                                                                     95.0

Charleston, SC                                                             97.2

Greenville, SC                                                               89.3

Jacksonville, FL                                                            92.1

Knoxville, TN                                                                 90.2

Lexington, KY                                                               95.4   

Savannah, GA                                                               93.1

Richmond, VA                                                               104.4

Raleigh, NC                                                                   98.5     

The ACCRA Cost of Living Index measures regional differences in the cost of consumer goods and services, excluding taxes and non-consumer expenditures, for professional and managerial households in the top income statistical division. It is based on more than 50,000 prices covering almost 60 different items. Prices are collected for the region quarterly by the Charleston Metro Chamber of Commerce - Center for Business Research.

With more than 2,000 members, the Charleston Metro Chamber of Commerce serves as the catalyst for advancing our region's economy, improving our quality of life and enhancing our members' success.