Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Connecticut and South Carolina. Updated for 2026.
South Carolina wins 5 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 Connecticut. 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 $1,145/month ($13,740/year) compared to Connecticut, based on median home prices with identical loan terms.
South Carolina offers meaningfully lower home prices than Connecticut, with median prices running 25% less ($100K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Connecticut may find South Carolina far more accessible, particularly when combined with local down payment assistance programs.
Property taxes are dramatically different: South Carolina charges 0.57% while Connecticut charges 2.15%, a gap of 1.58 percentage points. On the respective median homes, this means Connecticut homeowners pay roughly $8,708 per year in property taxes versus $1,738 in South Carolina. Over 30 years of homeownership, this difference alone can add up to six figures. Retirees on fixed incomes should weigh this heavily.
Closing costs are a one-time but significant expense. Connecticut averages $9K in closing costs (2.1% of purchase price) while South Carolina averages $4K (1.3%). Much of Connecticut's higher costs come from its 1.25% transfer tax, which adds $5K to the median home purchase. 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. Connecticut's CHFA Homebuyer Mortgage provides Up to $20,000 DAP loan, 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: property taxes are the defining difference here. Connecticut's 2.15% rate versus South Carolina's 0.57% means South Carolina homeowners save approximately $6,969 every year on taxes alone. Over a 30-year mortgage, that difference compounds into tens of thousands of dollars — making it the most important cost factor in this comparison.