Mortgage payment estimates, closing cost breakdowns, and homebuying data for Florence, South Carolina.
Median Home Price
$195K
Population
41K
Avg Monthly Rent
$950
Property Tax Rate
0.57% *
* Property tax shown is the South Carolina state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Florence.
Florence vs South Carolina Median
The median home price in Florence is $195,000, which is 36% below the South Carolina state median of $305,000.
Mortgage Calculator — Florence, SC
Pre-filled with Florence median home price and South Carolina tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $195K home using South Carolina's 0.57% tax rate and $2,600/yr insurance.
5% Down
$1,588/mo
Down: $9,750
Loan: $185K
P&I: $1,171
Tax: $93
Insurance: $217
PMI: $108
10% Down
$1,521/mo
Down: $19,500
Loan: $176K
P&I: $1,109
Tax: $93
Insurance: $217
PMI: $102
20% Down (No PMI)
$1,295/mo
Down: $39,000
Loan: $156K
P&I: $986
Tax: $93
Insurance: $217
Income needed (28% rule): $56K/year with 20% down, $65K/year with 10% down.
Rent vs Buy in Florence
Rent
$950/mo
vs
Buy (10% down)
$1,521/mo
Price-to-rent ratio: 17.1 — A ratio between 15-20 means the rent vs buy decision in Florence depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Florence is $195,000, 36% below the South Carolina state median of $305,000. With a population of 40,512, Florence is a smaller market where home prices tend to be more accessible than in many parts of South Carolina.
Property taxes in South Carolina average 0.57% annually. This low property tax rate is a significant advantage for Florence buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in South Carolina runs approximately $2,600 per year. This is within the normal range nationally.
Average rent in Florence is $950/month. The price-to-rent ratio in Florence is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Florence offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with South Carolina's SC Housing Palmetto Home program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Florence.