Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New Jersey 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 New Jersey. 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 $2,016/month ($24,192/year) compared to New Jersey, based on median home prices with identical loan terms.
South Carolina offers meaningfully lower home prices than New Jersey, with median prices running 40% less ($200K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of New Jersey 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 New Jersey charges 2.47%, a gap of 1.90 percentage points. On the respective median homes, this means New Jersey homeowners pay roughly $12,474 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.
Insurance costs favor New Jersey at $1,500/year versus $2,600/year in South Carolina, a difference of $1,100 annually. While not the largest cost factor, this adds up to over $11K 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. New Jersey averages $10K in closing costs (2% of purchase price) while South Carolina averages $4K (1.3%). Much of New Jersey's higher costs come from its 1% 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. New Jersey's NJHMFA DPA Program provides Up to $15,000 forgivable, 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 $200K less than New Jersey on average. That translates to roughly $2,016 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.