Buying a Home in South Carolina: What You Need to Know
If you're considering buying a home in South Carolina, understanding the true cost of homeownership is essential. Beyond your mortgage payment, South Carolina homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses South Carolina-specific data to give you accurate monthly payment estimates.
South Carolina Property Taxes
South Carolina has an effective property tax rate of 0.47%, ranking #47 out of 50 states (where #1 is the highest). On a median-priced home of $381,000, you'd pay approximately $1,791 per year in property taxes, or about $149/month.
South Carolina is among the states with the lowest property taxes in the nation. This can make homeownership more affordable here compared to high-tax states, though you should verify rates in your specific county.
South Carolina Homeowners Insurance
The average annual homeowners insurance premium in South Carolina is $2,611 for $300,000 in dwelling coverage, or about $218/month.
South Carolina's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
South Carolina Closing Costs
Closing costs in South Carolina average 0.65% of the home's purchase price. On a $381,000 home, that's approximately $2,477. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
South Carolina Housing Market
The median home price in South Carolina is $381,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More South Carolina Mortgage Tools
Use these additional calculators to plan your South Carolina home purchase: