Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Rhode Island 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 Rhode Island. 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 $1,091/month ($13,092/year) compared to Rhode Island, based on median home prices with identical loan terms.
South Carolina offers meaningfully lower home prices than Rhode Island, with median prices running 28% less ($120K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Rhode Island 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 Rhode Island's 1.53%. While the rate gap of 0.96% may seem small, it translates to an annual difference of approximately $4,764 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $38K in savings.
Closing costs are a one-time but significant expense. Rhode Island averages $7K in closing costs (1.7% of purchase price) while South Carolina averages $4K (1.3%). The difference is spread across title insurance, attorney fees, and recording costs rather than a single large tax. 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. Rhode Island's RIHousing First Homes provides 10K DPA 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: Rhode Island and South Carolina are broadly similar in housing costs, with only $1,091/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.