Trident United Way today announced the findings of its 2020 Self Sufficiency Standard Study, which highlights that Tri-County is one of the most expensive places to live in South Carolina.
The study shows rising housing costs are putting many people in a bind, who end up paying far more for housing than their income may allow.
The full study is available here. It compares the Tri-County with the rest of South Carolina and documents how a high cost of living adds stress to an already difficult economic time.
Over the past 23 years, The Standard has been calculated for 41 states as well as the District of Columbia and New York City. Its use has transformed the way policies and programs for low-income workers are structured and has contributed to a greater understanding of what is required to have adequate income to meet one’s basic needs in the United States.
- The amount of income needed to make ends meet for one adult and one preschooler varies from $13.80 per hour in Orangeburg County to $22.94 per hour ($48,459 per year) in Charleston County based on federal poverty guidelines for a family of two.
- Average rent for a one-bedroom apartment in Charleston is $1,450, about 42% of median individual post-tax income. The highest percentage recommended individuals spend on housing is 33% of post-tax income.
Trident United Way and its partners will use this information to educate people about how to navigate a high-cost environment through education, savings and other financial strategies. Through strategic collaboration, they provide key services in the areas of education, financial stability, and health so people can bridge the cost of living gap.