Compare different loan terms using your home price of $350,000 with $70,000 down at 6.8%.
15-Year Fixed
$2,401/mo
Total interest: $152,141
Total cost: $432,141
Save $221,646 vs 30-year
20-Year Fixed
$2,088/mo
Total interest: $221,025
Total cost: $501,025
Save $152,762 vs 30-year
30-Year Fixed (Current)
$1,816/mo
Total interest: $373,787
Total cost: $653,787
Lowest monthly payment
Pro
Professional Simulator
Complete financial model: closing costs breakdown, rent vs buy, inflation-adjusted returns, true cost of ownership
years
%
%
%
%
10-Year Net Gain/Loss
-$173,685
After selling in year 10 at $493,710
Total Paid Over Hold Period
$398,929
Down + closing + all payments
Home Value at Sale
$493,710
3.5%/ yr appreciation
Selling Costs
$29,623
6% of sale price
Net Sale Proceeds
$225,244
After mortgage payoff + selling costs
Real Interest Rate
4.25%
Nominal 6.8% - inflation 2.5%
Real Monthly Payment
$1,254
Today's dollars (mid-loan)
State Property Tax
$5,600
TX rate: 1.6%
True Monthly Cost
$2,499
PITI + HOA + maintenance
Buying a Home in South Carolina
South Carolina has become one of the most attractive relocation destinations in the Southeast, offering a compelling combination of low property taxes, warm weather, beautiful coastline, and home prices that remain accessible compared to coastal markets in Florida and the Northeast. With an average home price of $295,000 and one of the lowest property tax rates in the region at 0.53%, the monthly cost of homeownership in South Carolina is very manageable for most working professionals.
Charleston is the crown jewel of South Carolina's housing market — a historic, walkable city with exceptional dining, arts, and coastal access that has attracted significant in-migration and price appreciation. The Charleston metro including Mount Pleasant, James Island, and West Ashley has seen median prices rise substantially, but even premium neighborhoods remain more affordable than comparable markets in Florida or New England. Columbia, the state capital, offers a strong value market anchored by the University of South Carolina and Fort Jackson.
Greenville has emerged as one of the Southeast's fastest-growing cities, attracting manufacturing investment (BMW, Michelin, BMW) and a growing young professional population. The Greenville-Spartanburg corridor offers excellent suburban communities at prices that would be considered bargains in comparable metros. The Myrtle Beach coast draws beach lifestyle buyers from the Mid-Atlantic and Northeast seeking affordability with ocean access.
Key Housing Facts for South Carolina
Average home price: $295,000
Average effective property tax rate: 0.53%
Average homeowners insurance: $1,800/year
4% assessment ratio for primary residences (lower than investment properties)
Attorney closing state
Most desirable markets: Charleston, Mount Pleasant, Greenville
Other markets: Columbia, Myrtle Beach, Hilton Head, Bluffton
Frequently Asked Questions
South Carolina's average effective property tax rate is approximately 0.53%, one of the lowest in the Southeast. On a $295,000 home, you'd pay roughly $1,564 per year in property taxes. South Carolina's 4% assessment ratio for owner-occupied primary residences (versus 6% for investment properties and second homes) provides significant savings for primary home buyers.
South Carolina State Housing Finance and Development Authority (SC Housing) offers the SC Housing Homebuyer Program with below-market interest rates and the Palmetto Home Advantage program providing forgivable down payment assistance of 0–4% of the loan amount. The County First Initiative targets buyers in rural and underserved counties with enhanced assistance. Income and purchase price limits apply.
South Carolina combines low property taxes, moderate home prices, no estate tax, a warm climate, and significant coastline at affordable prices compared to Florida. The state has attracted retirees and remote workers from northern states. The Charleston metro in particular has seen strong appreciation while remaining more accessible than comparable coastal markets in Florida and California. The Myrtle Beach area draws beach lifestyle buyers, and Columbia and Greenville offer strong value for buyers in inland markets.
Closing costs in South Carolina typically range from 2–3% of the purchase price. South Carolina has a deed recording fee of $1.85 per $500 of value (paid by the seller in most cases). Attorneys are required at closing. On a $295,000 home, buyer closing costs typically run $5,900–$8,850, including title insurance, attorney fees, and prepaid items like homeowners insurance and property taxes.