South Carolina is one of the worst places to live and work according to CNBC
A recent study by CNBC was released and reported that South Carolina was one of the ten worst places to live and work in the country in 2023. Let’s be clear, South Carolina is booming. Every year we have the pleasure of meeting new clients from other parts of the country that have come here to live, retire and do business here. We are experiencing rapid growth in our population and have been seeing more and more coverage about this wonderful state. Given the interesting times in South Carolina, I have decided to take a look at what is happening here over a series of articles. We will dive into what we see as residents of this state and share some of the tax aspects of living and working here.
We have seen more and more articles about the net migration patterns in the United States. A United Van Lines study of 2020 migration found that South Carolina ranked #2 in the country for 2020. (Number one was Idaho if you are wondering.) The study also looked at the reason people moved – the number one reason people moved here was for retirement. In our business, we have been seeing this pattern of retiring to South Carolina for years. There are areas of South Carolina that have done a fantastic job of luring retirees. The coastal areas of South Carolina have their obvious charms with the draw of relatively affordable living near the beach and very mild winters. However, we also see retirees headed towards other destinations to retire in the western upstate. Lake Keowee and Lake Hartwell have been very popular with retirees based on what we have seen in our business.
Greenville, while not an obvious retirement destination also has people coming here. If you don’t know about Greenville, just check it out. The city is absolutely exploding. One visit to downtown Greenville from a first timer tends to be eye-opening. The revitalization of downtown along with the developing foodie scene has really transformed this city into a treasure. No small feat in a place that might have been considered a little sleepy twenty years ago.
It wasn’t just 2020 that saw the migration. According to US Census statistics, from April 1, 2020 to July 1, 2022, South Carolina ranked number 5 in net migration with 165,948 people moving to this state. While that number might not seem that big, it is a very short amount of time, and the state population is estimated at just over 5 million people. So as a percent of the population, it is quite significant.
Back to the CNBC ranking
Although we have been seeing people come here in droves, the good folks at CNBC ranked South Carolina as one of the worst places to live. They actually gave South Carolina an “F”. The weaknesses stated in their report included voting rights, health resources and crime. Fair enough, we might not have the healthiest diet in the world (pimento cheese comes to mind). However, their methodology clearly leaves something to be desired as the report also has other top migration states of Florida, Texas, and Tennessee included in the top 10 worst places. Seems that the people that are moving to these places use a different measuring stick than the writers at CNBC. (I will note that CNBC is headquartered in New Jersey which ranked 46th in net migration – people are leaving New Jersey.)
So why do we think it’s great to live here? There are several things that come to mind.
Southern Hospitality
This is the south and people here tend to be friendly. This is not to say we don’t have grumpy people, disagreements, and the other inevitable conflicts that come from living in a society. Overall, I just think it is a very nice place to be. I moved to South Carolina from Atlanta in 1996. Atlanta was very big, very busy, and full of road rage. The contrast was immediately apparent as people were less hurried, might just randomly engage in conversation, and just more relaxed. Leave your rage behind if you come here.
Affordability
Compared to rest of the country, South Carolina is downright cheap. Housing has been very affordable in recent years, although the influx of new people and investor money is definitely having an impact on how much it takes to live here. We will dive deeper into the cost of taxes in a subsequent post.
Geography
While not alone in this regard, South Carolina has a diversity of places to live. If you dream of the beach, the state is home to such wonderful places as Myrtle Beach, Charleston and Hilton Head. If the mountains are your thing, you can find that just a few hours from the coast as well.
Weather
The average temperature in South Carolina is 64 degrees. Even in the most northern part of the state, the winters are quite mild with snow being a rare occurrence. Down on the coast, most of us could get along with just a small jacket in the winter. That being said, it can get pretty humid in the summer which is not always appreciated by those from drier climates.
Government approach to the pandemic
South Carolina took an approach to the Covid pandemic that would be considered more lenient than some other states. This post is not to say that South Carolina’s approach was right or wrong, but we know firsthand that people moved here to get out of other states that had more restrictive lockdowns. Ok, I will say it, this is a red state. This is not a political article, but we have found that fact to be a draw to our clients we meet moving from other places.
I hope this gives you a little bit of insight into our awful state from an insider. In our next installment, we will take a look at the tax aspects of living in South Carolina. Stay Tuned!