How Much Will Your Mortgage Be in South Carolina?
South Carolina is ranked the 14th most-affordable state in the country for homebuyers. Known for the charming coastal town of Charleston and the beautiful Myrtle Beach, South Carolina has become a popular place to purchase real estate with home prices seeing a 7.9% rise in the past year.
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Factors That Can Affect Your South Carolina Mortgage Calculations
Home Prices in South Carolina
South Carolina has approximately 4.9 million residents, making it the 23rd most-populous state according to the U.S. Census Bureau. The average home value in South Carolina is $169,800 with a median list price of $249,900 based on information collated in August 2019.
Coastal towns such as McClellanville, Mount Pleasant, and Folly Beach have seen higher appreciation rates over the years than other, more inland cities. Charleston’s median list price currently sits at $379,900 while the state capital, Columbia, has a median list price of $185,000. The northern town of Rock Hill sits somewhere in between with a median list price of $234,900 and average home value of $172,900.
Property Taxes in South Carolina
South Carolina has the fifth lowest property tax rate in the country with an effective rate sitting at 0.57%. Property tax is calculated on a percentage of the market value, appraised every five years at a ratio of 4% for primary residences and dependent on the county. For second homes, the rate rises to 6%.
South Carolina Job Stats to Consider
There are many major job sectors in South Carolina: these include trade, transportation, health, education, government, and business services. Top employers include BMW manufacturing, Newsmax, Greenville Memorial Hospital, Palmetto Health Richland, and the Medical University of South Carolina.
Although properties and their taxes may be lower in this state compared to others, personal income is also less. The median personal income in South Carolina is $43,702, under the national average of $54,420. However, the unemployment rate is quite low at 2.9%, compared to the national average of 3.7%, according to information gathered by U.S. Bureau of Labor Statistics.
South Carolina has marginal tax rates for income tax. Thus, the more you earn, the higher the tax rate. Sales tax is 6% with an additional 1% to 3% for some counties.
Job Stats (Civilian Labor Force, Employment, Unemployment)
Other South Carolina Costs That Can Affect South Carolina Mortgage Calculations
Homeowners Insurance in South Carolina
South Carolina has some of the most expensive rates for homeowner’s insurance in the country with an average annual premium of $1,057. Typically, this premium will cover theft, lightning, smoke damage and more. However, flood damage is not usually covered and is highly recommended for those dwelling in coastal towns where there is some risk of storm surge flooding. At an additional cost, a policy can be secured through the National Flood Insurance Program (NFIP).
On finalizing your purchase with your lender, a few closing costs will be incurred. In South Carolina, the closing costs vary depending on location, services used and the lender's agreement. They average between 1.6% to 4.4% of a home's value.
A one-time title insurance purchase will protect you in court in the event of any future disputes with your title. Your lender will usually require a policy that is equal to the amount of the loan.
Real Estate Transfer Tax
It is customary for the seller to pay a real estate transfer tax, but costs can sometimes be shared with the buyer. This is sometimes referred to as "stamp deeds" or "deed recording fees" and is charged by the state for updating the transfer ownership into public records.
Deed recording fees will vary between counties and are charged at a rate of $1.35 per $500 of the home's purchase price to the state, and an additional $0.55 per $500 to the county. Fees are sent to the county’s court clerk or register of deeds on close of the sale.
A home inspection is required before the final sale in South Carolina and will cost between $300 - $500 depending on the square footage of the home. Most general inspections cover the structure, plumbing, and electrical. Mold, radon or termite tests can be carried out at an additional cost.