Florence, SC

Very Low · 64

South Carolina · Population 40,205 · Updated March 2026

$922
Median Rent / Month
$56,433
Median Income
$189,800
Median Home Value
$976
Owner Costs / Month

Affordability

How far your income goes in Florence

19.6%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in South Carolina

State-level tax rates that affect your costs

6.4%
Income Tax (Top Rate)
6.0%
Sales Tax
0.57%
Property Tax Rate

Estimated Annual Costs

$11,064
Annual Rent
$3,612
State Income Tax
$1,082
Property Tax (est.)

Cost of Living Overview

Florence is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 64 (where 100 equals the national median), Florence residents can expect to pay median rent of $922/month while earning a median household income of $56,433/year.

The median home value in Florence, SC is $189,800, with typical monthly owner costs around $976 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.6% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

South Carolina has a moderate income tax rate of 6.4%. Combined with a 6.0% sales tax rate and 0.57% effective property tax rate, the overall tax environment is a factor in the total cost of living in Florence.

Frequently Asked Questions

Common questions about living costs in Florence

What is the cost of living in Florence, SC?
The cost of living index in Florence, SC is 64 (US average = 100). Median monthly rent is $922, median household income is $56,433/year, and the median home value is $189,800.
Is Florence, SC affordable?
Yes, Florence is more affordable than the national average with a cost index of 64. The rent-to-income ratio is 19.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Florence, SC?
The median gross rent in Florence, SC is $922 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,064.
What is the median household income in Florence?
The median household income in Florence, SC is $56,433 per year. This compares to the national median of approximately $80,000.
What are the taxes like in South Carolina?
South Carolina has a top income tax rate of 6.4%, a sales tax of 6.0%, and an effective property tax rate of 0.57%.