Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Maryland 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 Maryland. 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 $859/month ($10,308/year) compared to Maryland, based on median home prices with identical loan terms.
South Carolina offers meaningfully lower home prices than Maryland, with median prices running 27% less ($115K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Maryland may find South Carolina far more accessible, particularly when combined with local down payment assistance programs.
South Carolina has a moderate property tax advantage at 0.57% versus Maryland's 1.09%. While the rate gap of 0.52% may seem small, it translates to an annual difference of approximately $2,840 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $23K in savings.
Insurance costs favor Maryland at $1,700/year versus $2,600/year in South Carolina, a difference of $900 annually. While not the largest cost factor, this adds up to over $9K 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. Maryland averages $11K in closing costs (2.5% of purchase price) while South Carolina averages $4K (1.3%). Much of Maryland's higher costs come from its 1.5% transfer tax, which adds $6K 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. Maryland's MD Mortgage Program provides Up to $25,000 DPA, 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: Maryland and South Carolina are broadly similar in housing costs, with only $859/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.