Median home: $295,000 | Mortgage rate: 7% | Property tax: 0.57% | Insurance: $1,700/yr
South Carolina is a growing Southeast state with low property taxes. With a median home price of $295,000 and mortgage rates averaging 7%, understanding what you can afford before house hunting is essential.
The 28/36 rule is the gold standard: spend no more than 28% of gross income on housing and no more than 36% on total debt. In South Carolina, with a property tax rate of 0.57% and average insurance of $1,700/year, these costs add significantly to your monthly payment beyond just principal and interest.
A 20% down payment on the median South Carolina home requires $59,000. FHA loans with 3.5% down need just $10,325, but you will pay mortgage insurance. South Carolina primary residences are assessed at 4% vs 6% for non-primary — a big saving.
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Based on the 28/36 rule, your total housing payment should not exceed 28% of gross monthly income, and total debts should stay under 36%. In South Carolina, with median home prices at $295,000, you typically need a household income of at least $295,000 to afford the median home.
To afford the median South Carolina home at $295,000 with 20% down at 7% interest, you need approximately $67,291 annual household income. This is based on the 28% housing cost guideline.
The median home price in South Carolina is approximately $295,000 as of 2026. Prices vary significantly by city and county. South Carolina is a growing Southeast state with low property taxes.
A 20% down payment on the median South Carolina home ($295,000) is $59,000. FHA loans allow 3.5% down ($10,325) and VA loans offer 0% down for eligible veterans.
South Carolina has a property tax rate of 0.57%, which is below the national average. On the median home, that is $1,682/year. South Carolina primary residences are assessed at 4% vs 6% for non-primary — a big saving.