07 Dec How long will $1M for retirement last in Charleston? | Real Estate
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How long will $1M for retirement last in Charleston?
How long will that $1 million you’ve squirreled away in a retirement nest egg lastÂ in the Charleston area?
Financial information firm SmartAsset says one million bucks will keep the average retiree secure for 22.54 years in the Holy City, according to the New York City-based company’s latest study.
The study factored in expenses such as housing, food, health care, utilities and other items for retirees to determine that Charleston ranks No. 186 out of 250 cities in the nationwide study.
In South Carolina, Anderson in the Upstate ranked highest at No. 78, where $1 million will last a retiree 25.07 years. Columbia is second at No. 161 with 23.23 years, and Greenville comes in third at No. 175 with 22.96 years. Charleston ranks fourth while Hilton Head Island rounds out the top 5 at 21.3 years and a ranking of No. 201. Driving down rankings for Charleston and Hilton Head more than any other factor is the higher cost of housing.
Across the U.S., the city with the biggest bang for the buck in retirement savings of $1 million is Harlingen, on the southern tip of Texas, northwest of Brownsville near the Mexican border. There, one can expect to live for 32 years off a million greenbacks.
The city with the shortest tenure for a $1 million retirement nest egg is New York City, where a retiree can expect to spend it all in 10.2 years.
Of course, most people don’t have nearly $1 million saved for retirement, but theÂ studyÂ certainly starts people toÂ thinkÂ about how much they have now and have much they will need.
A group of investors wants to build a 35,000-square-foot office building on the banks of Shem Creek off of Johnnie Dodds Boulevard near Bowman Road.
By the numbers
2: Number of new restaurants now open in a new retail center called Live Oak Square on Johns Island.
8: Number of affordable townhomes coming to the Liberty Hill neighborhood of North Charleston.Â
18: Number of stories buildings can rise on part of the 53-acre Citadel Mall redevelopment projectÂ called Epic Center in West Ashley.
This week in real estate
+Â Opportunity for whom?: Developments spurred by Opportunity Zone tax breaks rising in South Carolina, amid controversy over federal program.
+Â Towering apartments: The long-vacant, 10-story former Naval Hospital building on Rivers Avenue in North Charleston could be redeveloped into multifamily units under the latest plant.
+ Flooding tanks: A new affordable housing development on the Charleston peninsula includes more than 100 underground stormwater storage tanks to help offset flooding in the area.
Lots of theories abound for painting porch ceilings any shade of blue, but the most repeated hypothesisÂ is that “haint blue” keeps away evil spirits.
Homeownership classes:Â Origin SC offers courses on budgeting and owning a home for first-time buyers and others, starting Dec. 7 at different times and places.
Lead generation:Â Real estate agent Matt O’Neil hosts a seminar on real estate strategies for professionals; noon-3 p.m. Dec. 11, Hotel Indigo, Mount Pleasant.
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Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.