Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some South Carolina cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in South Carolina is worth $216,200. But across the 20 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from $165,000 to over $600,000.
In any local market, home prices are often a reflection of what residents can afford. In South Carolina, many of the least expensive cities for homebuyers are not high-income areas. Of the 20 places in South Carolina with available data from the ACS, 5 have a median home value that is less than the statewide median. In each of these places, the typical household earns less than the statewide median household income of $63,623. Similarly, most of South Carolina’s more expensive housing markets have higher earning populations.
Why It Matters
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Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.
These are the cheapest and most expensive housing markets in South Carolina.
20. Spartanburg
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- Median home value: $165,000
- Homes worth over $1 million: 0.5%
- Homeownership rate: 53.0%
- Median household income: $49,140
- Total population: 38,301
19. Sumter
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- Median home value: $171,400
- Homes worth over $1 million: 0.3%
- Homeownership rate: 54.0%
- Median household income: $48,900
- Total population: 43,046
18. Florence
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- Median home value: $175,700
- Homes worth over $1 million: 0.7%
- Homeownership rate: 59.0%
- Median household income: $56,031
- Total population: 39,931
17. Anderson
Source: CC BY-SA 3.0 / Wikimedia Commons
- Median home value: $177,300
- Homes worth over $1 million: 0.7%
- Homeownership rate: 50.0%
- Median household income: $40,445
- Total population: 29,345
16. Conway
Source: Public Domain / Wikimedia Commons
- Median home value: $202,000
- Homes worth over $1 million: 0.6%
- Homeownership rate: 60.9%
- Median household income: $48,161
- Total population: 25,121
15. Mauldin
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- Median home value: $220,600
- Homes worth over $1 million: 0.3%
- Homeownership rate: 67.0%
- Median household income: $75,565
- Total population: 25,267
14. Columbia
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- Median home value: $226,200
- Homes worth over $1 million: 3.2%
- Homeownership rate: 47.0%
- Median household income: $54,095
- Total population: 136,754
13. Rock Hill
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- Median home value: $232,500
- Homes worth over $1 million: 0.3%
- Homeownership rate: 51.8%
- Median household income: $60,807
- Total population: 74,170
12. Aiken
Source: Public Domain / Wikimedia Commons
- Median home value: $235,500
- Homes worth over $1 million: 1.3%
- Homeownership rate: 68.8%
- Median household income: $65,712
- Total population: 32,014
11. Greer
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- Median home value: $239,400
- Homes worth over $1 million: 0.4%
- Homeownership rate: 71.0%
- Median household income: $73,534
- Total population: 37,010
10. North Charleston
Source: brookebecker / iStock via Getty Images
- Median home value: $243,300
- Homes worth over $1 million: 1.0%
- Homeownership rate: 49.4%
- Median household income: $58,534
- Total population: 115,755
9. Goose Creek
Source: US Navy / Public Domain / Wikimedia Commons
- Median home value: $250,100
- Homes worth over $1 million: 0.0%
- Homeownership rate: 70.4%
- Median household income: $84,041
- Total population: 45,858
8. Summerville
Source: Jacob Boomsma / iStock via Getty Images
- Median home value: $276,600
- Homes worth over $1 million: 0.6%
- Homeownership rate: 68.7%
- Median household income: $73,712
- Total population: 50,839
7. Myrtle Beach
Source: Sean Pavone / iStock via Getty Images
- Median home value: $287,900
- Homes worth over $1 million: 5.1%
- Homeownership rate: 60.6%
- Median household income: $50,558
- Total population: 36,064
6. Bluffton
Source: Donna Brooks / iStock via Getty Images
- Median home value: $390,200
- Homes worth over $1 million: 8.3%
- Homeownership rate: 82.3%
- Median household income: $99,575
- Total population: 29,375
5. Greenville
Source: Sean Pavone / iStock via Getty Images
- Median home value: $403,300
- Homes worth over $1 million: 8.9%
- Homeownership rate: 41.6%
- Median household income: $65,519
- Total population: 70,838
4. Fort Mill
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- Median home value: $414,600
- Homes worth over $1 million: 4.9%
- Homeownership rate: 84.2%
- Median household income: $128,125
- Total population: 26,022
3. Charleston
Source: SeanPavonePhoto / iStock via Getty Images
- Median home value: $438,900
- Homes worth over $1 million: 10.7%
- Homeownership rate: 55.6%
- Median household income: $83,891
- Total population: 149,960
2. Hilton Head Island
Source: Sean Pavone / iStock via Getty Images
- Median home value: $589,000
- Homes worth over $1 million: 19.6%
- Homeownership rate: 80.7%
- Median household income: $93,694
- Total population: 37,708
1. Mount Pleasant
Source: krblokhin / iStock Editorial via Getty Images
- Median home value: $608,600
- Homes worth over $1 million: 16.3%
- Homeownership rate: 72.5%
- Median household income: $115,167
- Total population: 90,945
| Rank | Places in South Carolina with at least 25,000 residents | Median home value ($) | Homeownership rate (%) | Median household income ($) | Total Population |
|---|---|---|---|---|---|
| 1 | Mount Pleasant | 608,600 | 72.5 | 115,167 | 90,945 |
| 2 | Hilton Head Island | 589,000 | 80.7 | 93,694 | 37,708 |
| 3 | Charleston | 438,900 | 55.6 | 83,891 | 149,960 |
| 4 | Fort Mill | 414,600 | 84.2 | 128,125 | 26,022 |
| 5 | Greenville | 403,300 | 41.6 | 65,519 | 70,838 |
| 6 | Bluffton | 390,200 | 82.3 | 99,575 | 29,375 |
| 7 | Myrtle Beach | 287,900 | 60.6 | 50,558 | 36,064 |
| 8 | Summerville | 276,600 | 68.7 | 73,712 | 50,839 |
| 9 | Goose Creek | 250,100 | 70.4 | 84,041 | 45,858 |
| 10 | North Charleston | 243,300 | 49.4 | 58,534 | 115,755 |
| 11 | Greer | 239,400 | 71.0 | 73,534 | 37,010 |
| 12 | Aiken | 235,500 | 68.8 | 65,712 | 32,014 |
| 13 | Rock Hill | 232,500 | 51.8 | 60,807 | 74,170 |
| 14 | Columbia | 226,200 | 47.0 | 54,095 | 136,754 |
| 15 | Mauldin | 220,600 | 67.0 | 75,565 | 25,267 |
| 16 | Conway | 202,000 | 60.9 | 48,161 | 25,121 |
| 17 | Anderson | 177,300 | 50.0 | 40,445 | 29,345 |
| 18 | Florence | 175,700 | 59.0 | 56,031 | 39,931 |
| 19 | Sumter | 171,400 | 54.0 | 48,900 | 43,046 |
| 20 | Spartanburg | 165,000 | 53.0 | 49,140 | 38,301 |
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