Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between New York 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 York. 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 $1,188/month ($14,256/year) compared to New York, based on median home prices with identical loan terms.
South Carolina offers meaningfully lower home prices than New York, with median prices running 29% less ($125K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of New York 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 York charges 1.72%, a gap of 1.15 percentage points. On the respective median homes, this means New York homeowners pay roughly $7,396 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. New York averages $12K in closing costs (2.8% of purchase price) while South Carolina averages $4K (1.3%). Much of New York's higher costs come from its 0.8% 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. New York's SONYMA Achieving the Dream provides Up to $15,000 DPAL, 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. New York's 1.72% rate versus South Carolina's 0.57% means South Carolina homeowners save approximately $5,658 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.