5 affordable places to live in South Carolina
Your mortgage rate and the cost of your home will both affect how much you pay for your loan. To keep the purchase price down, consider buying in one of these places in South Carolina recognized for their low cost of living.
Columbia is the most inexpensive city in South Carolina, and is ranked 85th in America by Niche for cost of living. A median home value of $173,400 — below the national median of $184,700 — is one reason living in Columbia is so affordable. Columbia was also identified as one of the top 50 American cities overall, and one of the top 100 cities in which to raise a family. Attractions such as Congaree National Park, the South Carolina State Museum, and the Riverbanks Zoo and Garden are part of what makes this area so pleasant. Just 45% of residents own their homes, even though property taxes are relatively affordable. They average around 0.75% of assessed fair market value in Richland County, according to Tax-Rates.org.
2. North Charleston
North Charleston came in at 112 on Niche’s list of cities with the lowest cost of living in America. This city is also one of the top 80 most-diverse cities in the U.S., and is recognized for its public schools. Median home value is a bit lower here than in Columbia, coming in at $164,600, but the majority of residents — 56% — are renters. Property taxes are also lower in Dorchester County, where North Charleston is located, than in Richland County. In Dorchester County, they average 0.67% of assessed fair market value.
Charleston ranks third among inexpensive South Carolina cities for retirees and young professionals alike. Tourists love visiting as well, and both locals and guests can enjoy Waterfront Park, the Historic Charleston City Market, and the Patriots Point Naval & Maritime Museum, among other attractions. Most Charleston residents own their homes, with only 45% renting. Home values are much higher here than in North Charleston or Columbia, with a median value of $308,100. Charleston County does have lower property taxes, with an average rate of just 0.5% of assessed fair market value.
Parker is a suburb of Greenville, and Niche ranks it 18th among 121 suburbs in South Carolina for cost of living. Around 13,000 people live in this mid-sized town, 58% of whom are renters. Median home values are much lower here, at $73,300. However, Greenville County’s taxes are higher than Charleston’s, averaging 0.66% of assessed fair market value.
5. North Augusta
North Augusta has a population of around 23,000, and ranks as the 26th-best suburb in the state, out of 121. Median home value here is $157,800, and North Augusta is the only place on our list where most residents — 65% — are homeowners. Aiken County offers some of the lowest property taxes in the U.S., with an average rate of just 0.49% of a property’s assessed fair market value.
No matter what your situation, you should consider how much it costs to live in the area where you’re purchasing a house. Cost of living, as well as the terms of your South Carolina mortgage, will determine how affordable it is to become a homeowner.
View more information: https://www.fool.com/the-ascent/mortgages/rates/SC/