What Is the Real Cost of Living in Hanahan?

Located in the heart of the Charleston area, Hanahan offers small-town living with a variety of entertainment options and amenities. Proximity to Charleston provides access to big city amenities, while serene neighborhoods boast a laid-back and relaxed lifestyle. Magnificent views, public parks, and winding trails make the town a paradise for outdoors lovers. The vibrant town is home to an array of festivals and events where residents gather together each year to enjoy entertainment and delicious food. Hanahan, SC, real estate presents bountiful housing options that range from sprawling estates to cozy cottages or new builds designed to meet the needs of incoming residents. If you plan to move to Hanahan, you'll want to know more about the local lifestyle and if this community is right for your budget.

Hanahan is a small rural town that is home to 23,192 residents. While this might not sound impressive compared to big cities, the town is growing at a rate of 3.91% annually, which impacts the price of housing. The median sale price of homes in Hanahan, SC, is $410,000, up $60,000 since the same time last year. Townhouses and condos are more affordable, at around $309,000. Since these smaller residences aren't as readily available in Hanahan, you may find the market more competitive.

Rentals are available in Hanahan, and just over a third of residents rent their homes. Rent costs around $1,084 monthly, a little less than the statewide average of $1,135. Renters can find several housing options that range from single-room apartments to single-family homes with as many as five bedrooms. However, monthly rent costs vary by home type and size.

Amid rising inflation, the cost of utilities is rising in most states. Utility costs should be 10% of your gross income. Most households have a variety of utility costs, including electricity, gas, heating and cooling, water, sewer, trash, internet, phone, and cable. Electricity is typically the most expensive utility.

In Hanahan, electricity costs 13.64 cents per kilowatt hour. The average monthly electric bill is $130.97, which is lower than the national average of $147.64. There are several internet providers in Hanahan offering a range of monthly plans with prices that average from $40 to $65. According to Livingcost.org, the total cost of monthly utilities, including electricity, water, and heat in Hanahan, is $126 for one person and $192 for a family.

The cost of food can impact your monthly budget, lifestyle, and even your health. Luckily, the cost of food in Hanahan isn't significantly higher than the national average. Food costs for one person average about $543 per month for one person and $1,415 for a family of four.

Wondering what that means from a grocery list perspective? These are the average costs of everyday pantry staples in Hanahan.

While groceries are less expensive than eating out, everyone needs a break occasionally. Besides, Southern cuisine in Hanahan's top restaurants is something that residents shouldn't miss. On average, dinner for two in a restaurant costs $53.90, and a fast food meal costs around $9.53. That's a price well worth a splurge once in a while.

Transportation can be a significant factor in your cost of living, especially if you have a long daily commute. There are varied public transportation options in Hanahan, and many residents own at least one vehicle. Over 90% of Hanahan residents drive to work instead of depending on public transport. Many of these commuters work outside of town, adding to commute times. As a result, gas costs are a critical part of transportation costs in Hanahan. The average price of gas in South Carolina is $3.45 per gallon. A single person in Hanahan is estimated to spend around $10,300 per year on transportation, based on the price of gas, public transit, and car maintenance costs.

Beyond personal transportation, there are a few public transportation options in Hanahan. The CARTA bus system provides service throughout the city, on which the regular fare is $2.00 for metro buses. Rideshare services like Uber and Lyft are also readily available, along with taxis.

Overall, expenses in Hanahan are aligned fairly closely with national averages. However, the economy is strong. The unemployment rate in Hanahan is 3.3%, which is lower than the South Carolina average unemployment rate of 5% and the national average of 4.7%. The median household income in Hanahan is $76,749, over $7,000 more than the national median income of $69,717.

You can follow a few financial rules to determine how much of your income should go toward necessities. The 30% rule suggests you should spend a maximum of 30% on housing (rent or mortgage). If using the 30% rule with your budget is impossible, the 50/30/20 (50% to housing, 30% non-essential purchases, 20% savings) rule may be a better option. These figures can help you accurately determine how the cost of living in Hanahan aligns with your budget.

Hanahan is a charming South Carolina town in the highly desirable Charleston metro area. The suburb offers a quiet suburban lifestyle with various entertainment options and top local amenities. Available homes in Hanahan range from townhomes and condos to single-family homes in a variety of architectural styles and expansive waterfront estates. With so much to offer, it's little surprise that the Hanahan housing market is competitive.

If you plan to move to Hanahan, you need assistance from a local realtor who is familiar with local neighborhoods and has in-depth knowledge of the complexities of the changing housing market. The Husted Team has assisted hundreds of families in navigating real estate transactions in the Greater Charleston area. When searching for your dream home in Hanahan, the Husted team can help you with your home search and guide you through the buying process from start to finish. Get in touch to learn more about real estate in Hanahan and how you can find your ideal home in the neighborhoods of the Charleston metro area.