Living in these 10 SC counties will cost you the least in 2024, report shows. Here’s how much
If you’re looking for the most affordable places to live in South Carolina, these 10 counties should be on top of your list.
Home prices were up overall in South Carolina in 2023, year over year. The overall median sales price increased 2.9% to $325,000 for the year, South Carolina Realtors data shows. Single family home prices were up 2.1% compared to the previous year. Mortgage payments spiked nationwide in 2023, with a number of homeowners now spending more than 30% of their income on monthly payments, South Carolina Realtors states.
But while home sales prices have climbed overall, there are still places in the state that are more affordable than others.
SmartAsset, a financial technology company, recently completed an analysis to determine the most affordable places to live in the Palmetto State for 2024. Places where home ownership costs were lowest relative to the median income in each location were considered the most affordable in the study.
According to SmartAsset, Edgefield County is the most affordable place in South Carolina. Chesterfield County rounded out the list as the 10th most affordable place in the state.
Here is a list of the 10 most affordable places to live in South Carolina, including data on their average closing costs, annual property tax, annual homeowner’s insurance, average annual mortgage payment and median income.
Rank | County | Avg. closing costs | Avg. annual property tax | Avg. annual homeowner’s insurance | Avg. annual mortgage payment | Median income |
1 | Edgefield | $3,032.91 | $1,185 | $1,598 | $17,027.50 | $55,183 |
2 | Calhoun | $2,559.63 | $1,185 | $1,760 | $17,027.50 | $52,491 |
3 | Newberry | $2,636.44 | $1,185 | $1,498 | $17,027.50 | $50,950 |
4 | McCormick | $4,021.52 | $1,185 | $1,569 | $17,027.50 | $53,193 |
5 | Georgetown | $4,577.32 | $1,185 | $2,529 | $17,027.50 | $55,719 |
6 | Bamberg | $987.28 | $1,185 | $1,800 | $17,027.50 | $44,408 |
7 | Saluda | $2,222.02 | $1,185 | $1,582 | $17,027.50 | $46,451 |
8 | Chester | $2,418.16 | $1,185 | $1,577 | $17,027.50 | $46,441 |
9 | Abbeville | $2,297.80 | $1,185 | $1,540 | $17,027.50 | $45,710 |
10 | Chesterfield | $1,829.06 | $1,185 | $1,751 | $17,027.50 | $45,046 |
To determine the most affordable places to buy a home, SmartAsset analyzed closing costs, real estate taxes, homeowners insurance and mortgage rates across the United States. The most affordable places were those in which total housing costs were smallest compared to the median income in each area.
