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Charleston Regional Business Journal - Forbes: Cost of living counterbalances high home prices in Mount Pleasant

Posted September 25, 2014 in News, Lists, Recognition

Citing Mount Pleasant’s clean air and low crime, Forbes magazine recently named the town east of the Cooper as one of the top suburbs in which to retire in the United States. Mount Pleasant is the only city in South Carolina to make the list.

The editors of the 25 Best Suburbs for Retirement in 2014 also mention the town’s high cost of housing — median home prices of $345,000 — but said some of that is balanced out by a cost of living that’s 3% below the U.S. average.

“Economic value is important,” Forbes wrote. “We sought towns with median home values of $300,000 or less and a cost of living near or below the national average. Average home price for the places on this list is $242,000.”

The editors chose to focus on suburbs that were close to larger cities, which offer opportunities for employment, recreation and high quality of living, but without some of the other things that detract from urban and suburban areas.

The Forbes analysis might be correct, but the housing price numbers are a little off. The latest data from the Charleston Trident Association of Realtors shows that the median price for homes in Mount Pleasant for April is $368,224, which is 6.7% higher than the cumulative market data for 2013 that Forbes used in its description:

“Nine miles east of Charleston, town of 72,000 combines a pleasant climate and above average air quality and low crime with convenient mass transit and a local hospital. Median home price is a lofty $345,000 but cost of living is 3% below national average. Charleston area economy is healthy.”

25 Best Suburbs for Retirement in 2014

  • Beaverton, Ore.
  • Broomfield, Colo.
  • Cary, N.C.
  • Doylestown, Pa.
  • Eagan, Minn.
  • East Grand Rapids, Mich.
  • Fitchburg, Wis.
  • Gaithersburg, Md.
  • Gilbert, Ariz.
  • Henderson, Nev.
  • Matthews, N.C.
  • McKinney, Texas
  • Meridian, Idaho
  • Mount Pleasant
  • Munster, Ind.
  • Naperville, Ill.
  • Oak Grove, Ore.
  • Peoria, Ariz.
  • San Marcos, Texas
  • Shawnee, Kan.
  • Smyrna, Tenn.
  • Sugarland, Texas
  • Tamarac, Fla.
  • Urbandale, Iowa
  • West Jordan, Utah

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Tags: Charleston Regional Business Journal, Forbes, Retirement, Best of

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