Market Overview: South Carolina Housing Mid-Range
South Carolina ranks as a mid-range housing market, with a median home price of $298,029. The state's effective property tax rate of 0.50% is lower than the national average of 1.00%, and annual homeowners insurance averaging $2,374 falls above the US median of $2,201.
These three factors — price level, tax burden, and insurance costs — combine to shape the true monthly cost of homeownership in South Carolina. Below we break down a realistic purchase scenario using state-specific data.
🏡 Purchase Example: Buying a $298,029 Home in South Carolina
Using the state's median home price of $298,029, a 20% down payment, and a 6.5% 30-year fixed rate, here is the complete picture of what it costs to buy in South Carolina:
| Cost Component | Amount |
|---|---|
| Home Price | $298,029 |
| Down Payment (20%) | $59,606 |
| Loan Amount | $238,423 |
| Estimated Closing Costs (3.5%) | $10,431 |
| Total Cash Needed at Closing | $70,037 |
Monthly Payment (20% Down)
| Item | Monthly |
|---|---|
| Principal & Interest | $1,507 |
| Property Taxes (0.50%) | $124 |
| Homeowners Insurance | $198 |
| PMI (not needed at 20% down) | $0 |
| Total Monthly Payment | $1,829 |
Annual income needed (28% DTI): $79,000/yr
PMI Scenario: What If You Put Only 10% Down?
With a 10% down payment ($29,803), you'd have a loan of $268,226 and would need to pay Private Mortgage Insurance (PMI) at roughly 0.7% of the loan annually:
| Item | 10% Down | 20% Down (savings) |
|---|---|---|
| Principal & Interest | $1,695 | $1,507 |
| Monthly PMI | $156 | $0 |
| Total PITI+PMI | $2,174 | $1,829 |
The lower down payment costs you an extra $345/month (P&I + PMI). You would need $94,000/yr to qualify under the 28% DTI rule. PMI can typically be canceled once you reach 20% equity.
First-year interest: In year one, $15,419 of your payments go to interest alone. Over the full 30-year term, you'll pay $304,096 in total interest.
💰 State-Specific Cost Notes for South Carolina
Property taxes in South Carolina are relatively low at 0.50%, costing about $1,490/year ($124/month) on the median home. This is one area where South Carolina offers a clear cost advantage.Homeowners insurance in South Carolina averages $2,374/year ($198/month).
Closing costs in a mid-range market like South Carolina typically run 2%–4% of the purchase price — roughly $10,431 on a $298,029 home. This includes loan origination, appraisal, title insurance, escrow fees, and prepaid taxes/insurance.
Monthly Payment on a $298,029 Home in South Carolina
With a standard 20% down payment ($238,423 loan) and a 6.5% interest rate on a 30-year fixed-rate mortgage, your estimated total monthly payment comes to $1,829.
Monthly Payment Breakdown (PITI)
| Component | Monthly Cost | Annual Cost |
|---|---|---|
| Principal & Interest | $1,507 | $18,084 |
| Property Taxes (0.50% est.) | $124 | $1,488 |
| Home Insurance | $198 | $2,376 |
| Total Monthly Payment | $1,829 | $21,948 |
Income Required in South Carolina
Using the standard 28% front-end DTI rule, you'd need a gross annual income of approximately $79,000 to comfortably afford the median-priced home in South Carolina with 20% down at 6.5%.
How Interest Shapes Your Payments
In your first year, approximately $15,419 goes toward interest alone. Over the full 30-year term, you'll pay a total of $304,096 in interest.
Amortization Schedule — First 10 Years
| Year | Principal Paid | Interest Paid | Balance Remaining |
|---|---|---|---|
| Year 1 | $2,665 | $15,419 | $235,758 |
| Year 2 | $2,843 | $15,241 | $232,915 |
| Year 3 | $3,034 | $15,050 | $229,881 |
| Year 4 | $3,237 | $14,847 | $226,644 |
| Year 5 | $3,454 | $14,630 | $223,190 |
| Year 6 | $3,685 | $14,399 | $219,505 |
| Year 7 | $3,932 | $14,152 | $215,573 |
| Year 8 | $4,195 | $13,889 | $211,378 |
| Year 9 | $4,476 | $13,608 | $206,902 |
| Year 10 | $4,776 | $13,308 | $202,126 |
* Full 30-year amortization available in our interactive calculator.
❓ Frequently Asked Questions — Buying a Home in South Carolina
How much income do I need to buy a house in South Carolina?
With the median home price in South Carolina at $298,029 and a 20% down payment, you need roughly $79,000/year based on the 28% front-end DTI rule (total monthly housing costs of $1,829). If you put down 10%, the income requirement rises to about $94,000/year due to the higher loan amount and PMI.
What's the minimum down payment in South Carolina?
While 20% down ($59,606) avoids PMI, many South Carolina buyers opt for lower down payments. FHA loans require as little as 3.5% ($10,431), and conventional loans can go as low as 3%–5% ($8,941–$14,901). However, a 10% down payment ($29,803) would cost you $2,174/month — about $345 more than 20% down — due to PMI and a larger principal.
What are property taxes like in South Carolina?
South Carolina's effective property tax rate is 0.50%, which is well below the national average of 1.00. On a $298,029 home, you'd pay approximately $1,490/year in property taxes ($124/month). This lower tax burden helps keep monthly costs more manageable.
How much is homeowners insurance in South Carolina?
The average annual premium in South Carolina is $2,374, which is roughly in line with the US median of $2,201. This is a relatively affordable insurance market for homeowners. This adds $198/month to your payment.
What are the total closing costs for a home in South Carolina?
On a $298,029 home in South Carolina, expect to pay about $10,431 in closing costs. Combined with a 20% down payment ($59,606), you'd need approximately $70,037 in cash at closing. First-time buyers in South Carolina may qualify for down payment assistance programs or reduced closing costs through local housing authorities — check your state housing agency for available grants and low-interest loan programs.
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Disclaimer: This is an estimate for informational purposes only. Actual mortgage payments depend on your credit score, exact interest rate, property taxes, insurance premiums, PMI, and other factors. Sources: Zillow Q1 2025 (median home prices), ATTOM 2025 (property tax rates), Quadrant Information Services Feb 2025 (insurance premiums). Consult a qualified mortgage professional for personalized advice. See our full Disclaimer.