Edisto Island may have a lost-in-time atmosphere, but you’re still going to have to pay the bills. Here are the financial nuts and bolts of living on the barrier island.
The island includes two South Carolina counties: Colleton and Charleston. Tiny Edisto Beach, at the island’s southern tip, is in the town of Edisto in Colleton County. The rest of the isle, which consists of river, marshfront, deepwater, and interior properties, falls in Charleston County.
Housing: Edisto Beach oceanfront homes start at $1 million and can cost as much as $3 million, depending on age, size, and location. For homes off the beach, prices start at $500,000 and top out at about $2.5 million. Bargain hunters can find Edisto Island real estate listings ranging from $150,000 to $700,000 and lots for as little as $60,000.
Taxes: The town of Edisto provides fire, police, and waste-management services. Individual state income tax rates range from 3 to 7 percent. (A person making $35,000 will owe the state around $2,400 at the end of the year.) Charleston County property taxes on a $200,000 house would average about $830, while Colleton County’s higher tax rate would put the cost at about $1,432.
Employers: Tourism is the main source of income in Edisto Beach. If you’re not a real estate agent, restaurateur, or shop owner, you’ll likely make the hour-long drive to Charleston or Walterboro for work. Charleston’s major employers are the U.S. Naval Weapons Station, Medical University of South Carolina, Charleston Air Force Base, and Charleston County School District. Walterboro’s top four are Colleton County School District, Walterboro Community Hospital, Colleton County government, and Wal-Mart.
Income: Colleton County’s median household income is $31,059, which is about $9,524 less than the state’s $40,583 average. Charleston County’s $42,465 median household income slightly exceeds the average.
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