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

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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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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