The Cost of Living:Charleston, South Carolina

Adventures of the Typical Medical Residents:

Michelle Michelson & Hye Hyun Bahng

Location• Charleston, South Carolina

Total Income: Initial and Post-Tax

Michelle• Occupation: Medical

Resident• Initial Income: $45,000• FICA: $3442.50• Post-Tax: $37,870.00• Total: $34,427.50

Hye Hyun• Occupation: Medical

Resident• Initial Income: $40,000• FICA: $3060.00• Post-Tax: $34,137.00• Total: $31,077.00

SavingsMichelle (20% of adjusted income)

• $7,065.50• Saving’s account at

Bank of America: $5,000.00

• Checking account at Bank of America: $2,065.50

Hye Hyun(10% of adjusted income)

• $3180.00• Saving’s account at

Bank of America: $2100.00

• Checking account at Bank of America: $1087.70

Remaining IncomeMichelle$34,427.50 - $7,065.50 (Savings) = $27,362.50

Hye Hyun$31,077.00 - $3180.00(Savings) = $27,897.00

Housing

• 2235 Ashley Crossing Drive

• City: Charleston (7.4 miles from Medical University of South Carolina)

• Zip Code: 29414

Housing Costs

• Rent Term: 13 months• Deposit: $87.50• Living Cost: $11,580 annually• Renter’s Insurance cost: $144 annually• Size: 937 square feet• 2 bedrooms• 2 baths

Housing Amenities

• Dishwasher• Garbage disposal• All electric kitchen• Carpeted flooring• Walk – in closet• Clubhouse• Business Center• Car care center• Private Health Club• Tennis and Volleyball courts

Remaining IncomeMichelle– $34,427.50

• ($87.50/2) = $43.75 deposit

• ($11,580/2) =$5,790 annual cost

• ($144/2) = $72 annual cost for renter’s insurance

– $28, 565.50 Remaining Income after calculated housing costs

Hye Hyun– $31,077.00

• ($87.50/2) = $43.75 deposit

• ($11,580/2) =$5,790 annual cost

• ($144/2) = $72 annual cost for renter’s insurance

– $25,171.25 Remaining Income after calculated housing costs

Healthcare BlueCross BlueShield of SC

Michelle• $1,800 annually• $150/month/per person• Personal Blue Secure SE

BlueCross BlueShield Plan• High deductible health plan

($5,250)• Co-pay - $40 primary care

physician• 50% Coinsurance for in-

network services• Individual coverage

Hye Hyun• $1,800 annually• $150/month/per person• Personal Blue Secure SE

BlueCross BlueShield Plan• High deductible health plan

($5,250)• Co-pay – $40 primary care

physician• 50% Coinsurance for in-

network services• Individual coverage

Remaining IncomeMichelle– $28,565.50 - $1800

(Healthcare) = $26,765.50

Hye Hyun– $25,171.25 - $1800

(Healthcare) = $23,371.25

Transportation

• Lease for 4 years: $2138.28 per person/year • Car Lease: Toyota Prius $356.38/month• Car Insurance: Geico, $838.08 annually,

$69.84 on a monthly basis• Price of Gas Per Gallon: $3.466• Roughly estimated 5 gallon usage: $17.33/week• $450.58 a year for gas per person

Remaining IncomeMichelle– $26, 765.50 - $2138.28

(lease payment) – $419.04 (insurance) - $450.58 (gas) =

$23, 757.60

Hye Hyun– $23,371.25 - $2,138.28

(lease payment) – $419.04 (insurance) - $450.58 (gas) =

$20, 363.35

Utilities (Calculated on Annual Basis, Shared Cost)

• Electricity: $401.29• Water: $256.08• Gas: $239.88• Phone: $1,200• Internet: $840

Remaining IncomeMichelle– $23, 757.60 - $200.65

(electricity) - $128.04 (water) - $119.94 (gas) - $600.00 (phone) - $420.00 (internet) =

$22, 288.97

Hye Hyun– $20, 363.35-

$200.65(electricity) - $128.04 (water) - $119.94 (gas) - $600.00 (phone) - $420.00 (internet) =

$18,894.72

Food/FurnitureMichelle• Food: $7,000/year• Household Furniture:

$500 (split cost)• TV: $119.50 (Sharp 22"

LC22SB27UT Widescreen LCD HDTV, split the cost)

• Household Supplies: $300

Hye Hyun• Food: $8,000/year• Household Furniture:

$500 (split cost)• TV: $119.50 (Sharp 22"

LC22SB27UT Widescreen LCD HDTV, split the cost)

• Household Supplies: $300

Remaining IncomeMichelle– $22,288.97 - $7,000

(food) - $500 (furniture) -$119.50 (TV) - $300 (household supplies) = $14,369.47

Hye Hyun– $18,894.72 - $8,000 -

(food) - $500 (furniture) -$119.50 (TV) - $300 (household supplies) = $9,975.22

Extracurricular ActivitiesMichelle• Clothes: $5,000• Electronics: $500• Travel, Vacation: $4,000• Musicals/Concerts/

Movies: $1,000

Hye Hyun• Clothes: $3,500• Electronics: $500• Travel, Vacation: $4,000• Musicals/Concerts/

Movies: $1,000

Remaining IncomeMichelle• $14,369.47 - $5,000

(clothing) - $500 (electronics) - $4,000 (travel) - $1,000 (concerts/movies) = $3,869.37

Hye Hyun• $9,975.22 -

$3,500(clothing) - $500 (electronics) - $4,000 (travel) - $1,000 (concerts/ movies) = $975.22

Remaining Income in SumMichelle• Savings: $7,065.50• Housing Costs: $5,905.75• Healthcare: $1,800• Transportation:$3007.90• Utilities: $1,468.63• Food/Furniture: $7,919.50• Extracurricular Activities: $10,

500.1

• TOTAL REMAINING INCOME: $3,869.37

Hye Hyun• Savings: $3,180.00• Housing Costs: $5,905.75• Healthcare: $1,800• Transportation:$3007.90• Utilities: $1,468.63• Food/Furniture: $8,919.50• Extracurricular Activities:

$9,000.00

• TOTAL REMAINING INCOME: $975.22

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