SC residents spend more income on food and clothing than most of the US, study shows. How much?
New research has revealed that South Carolina residents lose 6.64% of their income to food & beverage costs per year. This is the eighth highest reported in the country, according to a new study by NiceRx.
The costs per capita totaled $3,455.
In addition to food & beverage costs, residents of the Palmetto State also spend 10.05% of their income on health insurance and $14,508 on rent.
South Carolina residents’ money doesn’t seem to go solely toward bills. State residents also ranked first in the country for spending the largest proportion of their income on clothing and footwear, with 2.22% of their earnings going toward the material goods. This is based on an average income of $52,074 and a spending amount of $1,154.87.
Although lower than many other cost of living factors in consideration, the amount spent on dressing items is still a considerable added expense, contributing significantly to any mounting strain on individual or family financial situations.
Rent was shown to be the most expensive cost of living factor in the country. It proved to absorb 28.24% of the average individual or family salary. Ranking second, childcare costs are the second-highest amount for Americans at 18.41%.
Data compiled for the study showed health insurance ranked as the third most-expensive cost of living factor in the country. Average costs for health insurance across the nation landed at $6,487.20 per-year. This percentage accounts for 10.69% of the average US income.
Data for the study on personal income, cost of food and beverages and clothing and footwear was compiled from the Bureau of Economic Analysis. Health insurance data was collected from Value Penguin, and data collected for the cost of rent was obtained from a study by Patriot Software.
Top 10 states spending the most on food and beverage, according to NiceRx.
Maine
Hawaii
Vermont
Mississippi
Kentucky
West Virginia
New Mexico
South Carolina
Montana
Oregon
Top 10 states spending the most on clothing and footwear, according to NiceRx.
South Carolina
Mississippi
Wyoming
Oklahoma
Arkansas
Alabama
Texas
Georgia
Tennessee
Oregon
