Understanding the Worst Places to Retire in South Carolina
As South Carolina continues to attract retirees seeking a warm climate and lower living costs, a recent study has identified several cities that might not offer the ideal retirement experience. GOBankingRates conducted an analysis highlighting the worst places to retire in South Carolina based on various factors, including household income, housing costs, and quality of life. Here’s what the data reveals.
Who Conducted the Study?
The study was conducted by GOBankingRates, a financial website that provides information on banking, investing, and personal finance. Using data from the U.S. Census American Community Survey, along with cost-of-living indexes from Sperling’s BestPlaces, the organization evaluated cities across the state.
What Are the Criteria for Evaluation?
GOBankingRates assessed several key factors, including:
- Median household income
- Housing costs
- Livability scores
- Population percentage aged 65 and over
This analysis aimed to determine which locations might fall short for retirees seeking an affordable and fulfilling lifestyle after they leave the workforce.
Where Are the Cities That Ranked Poorly?
Below are seven cities identified as the least desirable for retirement in South Carolina:
- Isle of Palms – Often seen as a dream location due to its beaches and resorts, the cost of living here is staggering, making it unsuitable for those on a set income.
- Carlisle – Located near the Sumter National Forest, this area appeals to nature lovers. However, with only 11% of its population being retirement-age and a low livability score of 37, it may not provide the amenities retirees desire.
- Bradley – This unincorporated community has a median household income of $42,981, but with a low livability score of 56, retirees might find limited social activities.
- Clio – With a high cost of living relative to its median income of $32,847, Clio offers little beyond a low livability score of 58.
- Wallace – Located in Marlboro County, Wallace has high living costs—about $2,359 monthly—with a disappointing livability score of 53.
- Mayesville – Despite its affordable nature, Mayesville serves a small population of just 670, with only 13% being retirees, resulting in a livability score of 54.
- Summerton – While not mentioned in detail, Summerton also ranked poorly for retirement due to similar issues, including limited resources and low median income.
When Was the Data Collected?
The dataset used for this analysis was collected by November 5, 2024. This included the average home values sourced from the Zillow Home Value Index and cost data from the Bureau of Labor Statistics Consumer Expenditure Survey.
Why Is This Information Important?
For retirees or those approaching retirement who have a fixed income, understanding the best and worst places to retire is crucial. The findings indicate that South Carolina offers both high-priced destinations alongside more affordable yet less desirable locations. It is essential for individuals to consider various factors such as cost of living, availability of healthcare, and social engagement when deciding on a retirement location.
In conclusion, while South Carolina has its appeal for many retirees, it is clear that not all cities are created equal. By recognizing which areas fall short in providing a satisfying retirement experience, potential retirees can make more informed decisions about where to spend their golden years.
