Income needed to buy a house in South Carolina
A median-priced home in South Carolina costs $299,500. With 20% down you'd need about $79,734 a year, $7,384 more than the state's median household income of $72,350. South Carolina ranks #16 of 51 for the lowest income needed.
Income needed: $79,734 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 7.24% (Freddie Mac, week of 2026-10-29).
Estimated household income: about $79,734 a year for a $299,500 home in South Carolina with $59,900 down.
Uses a 28/36 planning rule: modeled housing costs at 28% of gross income, housing plus other debt payments at 36%. Mortgage approval depends on the lender, loan program, credit and other circumstances. Excludes maintenance, repairs and utilities.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $1,633 |
| Property tax | $111 |
| Homeowners insurance | $116 |
| Total | $1,860 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $14,975 | $2,285 | $97,936 |
| 10% | $29,950 | $2,177 | $93,295 |
| 20% | $59,900 | $1,860 | $79,734 |
Income benchmarks use the 28/36 planning rule with no HOA or other debt payments. Mortgage approval depends on the lender and loan program. Monthly costs exclude maintenance, repairs and utilities. Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in South Carolina: what's different
- Transfer tax
- 0.37% deed fee
- On the median home
- $1,110
- Homestead break
- 4% legal-residence ratio
- First-time buyer help
- SC Housing
- Transfer and recording taxes. The deed recording fee is $3.70 per $1,000 of the price (0.37%): $2.60 goes to the state and $1.10 to the county. On the median South Carolina home ($299,500), that's about $1,110 in deed recording fee.
- Property tax breaks for your home. A legal residence is assessed at 4% of its value instead of 6% and is exempt from school operating taxes, but only after you apply to the county. Owners 65 and older who have lived in the state a year also have the first $50,000 of value exempted.
- First-time buyer help. SC Housing offers the Homebuyer Program through participating lenders (mortgages and down payment assistance for eligible buyers; the separate 2026 Palmetto Heroes program offered $10,000 in forgivable assistance but is currently closed for 2026). Check its site for income and price limits.
- Insurance. In the coastal area, wind and hail coverage that private insurers won't write is available from the South Carolina Wind and Hail Underwriting Association. Its rates are usually higher than the standard market's, so shop private insurers first.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the South Carolina metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Greenville, SC | $80,058 | $300,400 | $75,881 |
| Columbia, SC | $72,891 | $270,400 | $70,788 |
| Charleston, SC | $111,903 | $430,300 | $90,307 |
| Charlotte, NC (16% in SC) | $107,502 | $400,400 | $85,938 |
| Myrtle Beach, SC | $84,869 | $325,300 | $68,534 |
| Spartanburg, SC | $69,947 | $257,800 | $68,505 |
| Hilton Head Island, SC | $133,143 | $511,100 | $88,348 |
| Augusta, GA (32% in SC) | $72,384 | $262,100 | $72,176 |
With 20% down, the median home takes about $69,947 a year in the Spartanburg area and $133,143 in the Hilton Head Island area, compared with $79,734 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. Metro areas centered in North Carolina or Georgia are included because many of their residents live in South Carolina; the share in the state is in parentheses. Rows are ordered by how many residents live in South Carolina. Income needed: 20% down at 7.24%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in South Carolina less expensive than most states
- Home prices: the median value of $299,500 is 17% below the U.S. median of $360,600.
- Property tax: about 0.45% of value a year ($111 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,394 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $165 a month on this loan.
5 states need at least 20% less income to buy their median home. States with a similar income requirement:
- Pennsylvania $80,370
- Nebraska $82,486
- North Dakota $76,783
- New Mexico $76,243
- South Dakota $84,417
- Michigan $74,224
Frequently asked questions
How much do you need to make to buy a house in South Carolina?
About $79,734 a year for the median home of $299,500 with 20% down at 7.24%. With 10% down it's about $93,295.
What is the property tax rate in South Carolina?
The median South Carolina homeowner pays $1,337 a year, about 0.45% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in South Carolina?
Median rent is $1,272 a month, while owning the median home costs about $1,860 a month with 20% down, before maintenance. Renting affordably takes about $50,880 a year under the 30% rule.