Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Colorado and South Carolina. Updated for 2026.
South Carolina wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $305K and lower overall costs, South Carolina offers meaningful savings compared to Colorado. Both states offer first-time buyer programs — explore the state pages for full details.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
Buying in South Carolina saves you approximately $1,430/month ($17,160/year) compared to Colorado, based on median home prices with identical loan terms.
South Carolina offers meaningfully lower home prices than Colorado, with median prices running 41% less ($215K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Colorado may find South Carolina far more accessible, particularly when combined with local down payment assistance programs.
Property tax rates are similar in both states (Colorado: 0.51%, South Carolina: 0.57%), so taxes shouldn't be the deciding factor in your relocation decision. Instead, focus on differences in home prices, insurance costs, and state-specific programs. Both states collect roughly comparable property tax revenue relative to home values.
Insurance costs favor South Carolina at $2,600/year versus $3,200/year in Colorado, a difference of $600 annually. While not the largest cost factor, this adds up to over $6K over a decade of homeownership. Shop multiple carriers in either state — actual premiums depend on your specific property, coverage level, and claims history.
Closing costs are a one-time but significant expense. Colorado averages $7K in closing costs (1.4% of purchase price) while South Carolina averages $4K (1.3%). The difference is spread across title insurance, attorney fees, and recording costs rather than a single large tax. Budget for these upfront costs — they affect how much cash you need on hand at closing.
Both states offer down payment assistance for first-time buyers. Colorado's CHFA Down Payment Assistance provides Up to $25,000 second mortgage, while South Carolina's SC Housing Palmetto Home offers Up to $8,000 forgivable. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: South Carolina homes cost $215K less than Colorado on average. That translates to roughly $1,430 less per month in total housing costs if you choose South Carolina. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.