Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Florida and South Carolina. Updated for 2026.
South Carolina wins 6 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 Florida. 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.
The monthly payment difference is $817/month — that’s $9,804/year or $294K over the life of a 30-year loan. Buying in South Carolina is the more affordable option based on median home prices with identical loan terms.
Based on the 28% debt-to-income rule — your monthly housing payment should not exceed 28% of gross monthly income.
To afford the median home in Florida, you need a household income of approximately $130K/year. In South Carolina, you need $95K/year — less by $35K/year. That $35K income gap means South Carolina is accessible to a significantly wider range of households.
South Carolina offers meaningfully lower home prices than Florida, with median prices running 23% less ($90K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Florida may find South Carolina far more accessible, particularly when combined with local down payment assistance programs.
Property tax rates are similar in both states (Florida: 0.86%, 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.
Homeowners insurance is significantly cheaper in South Carolina ($2,600/year) compared to Florida ($4,200/year). That's an extra $1,600 per year — or $133/month — eating into your budget in Florida. Florida's high insurance costs are often driven by severe weather risks (hurricanes, tornadoes, or wildfires), which also affect availability of coverage.
Closing costs are a one-time but significant expense. Florida averages $7K in closing costs (1.8% of purchase price) while South Carolina averages $4K (1.3%). Much of Florida's higher costs come from its 0.7% transfer tax, which adds $3K 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. Florida's Florida Hometown Heroes provides Up to 5% as 0% deferred 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: Florida and South Carolina are broadly similar in housing costs, with only $817/month separating them in total PITI payments. In cases like this, your decision should be driven by lifestyle preferences — job opportunities, climate, proximity to family, and quality of life — rather than pure cost savings. Either state offers a reasonable path to homeownership.