Lancaster, SC is a small city located near Charlotte, NC that offers a low cost of living while maintaining close proximity to larger cities. With an average 2 bedroom rent of $860 per month, Lancaster is much lower than the US average which stands at $1,430. Additionally, the Grocery Cost Index for Lancaster is 95 versus 100 for the US as a whole. This makes it much more affordable to live in Lancaster than most other places in America. The city is home to many businesses such as Winthrop University and Springs Industries which are two of the largest employers in the area. There are also many smaller companies that serve both local and international markets providing jobs for residents of Lancaster.
Lancaster has an unemployment rate of 5.2%. The US average is 6.0%.
Lancaster has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 44.6%, which is higher than the US average of 33.5%.
Tax Rates for Lancaster
- The Sales Tax Rate for Lancaster is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Lancaster is 7.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Lancaster
- The average income of a Lancaster resident is $16,967 a year. The US average is $28,555 a year.
- The Median household income of a Lancaster resident is $29,738 a year. The US average is $69,021 a year.