CALCMONEY // HOME AFFORDABILITY // SC // CHARLESTON
How much house can you afford in Charleston? Based on local median home prices, current SC mortgage rates, and Charleston property tax data.
$435,000
$2,673/mo
$114,538/yr
$228,902
Monthly housing costs of $2,673 represent 47.2% of Charleston's median gross monthly income ($5,667/mo). At 47.2%, median-income buyers in Charleston are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $435,000 |
| Down Payment (20%) | $87,000 |
| Loan Amount | $348,000 |
| Monthly PI Payment | $2,292 |
| Monthly Property Tax | $199 |
| Monthly Insurance Est. | $181 |
| Total Monthly PITI | $2,673 |
| Housing Cost % of Income | 47.2% |
| Required Income (28% rule) | $114,538/yr |
| Max Affordable Home | $228,902 |
$15,225
$3,443/mo
Charleston Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $435,000 | Charleston city median |
| Down Payment (20%) | $87,000 | Conventional loan |
| Monthly PITI | $2,673 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $114,538 | Annual gross |
| Max Affordable Home | $228,902 | Based on median income |
| FHA Down (3.5%) | $15,225 | Minimum FHA |
| Housing Cost % of Income | 47.2% | Median income: $68,000/yr |
| Property Tax Rate | 0.55% | $2,393/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Charleston is $435,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $348,000, generating a monthly P&I payment of $2,292. Adding property taxes ($199/mo) and homeowners insurance ($181/mo) brings total monthly PITI to $2,673.
Charleston's property tax rate of 0.55% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Charleston median home, that is $199/month, or $2,393 per year.
South Carolina levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Charleston should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Charleston's median income of $68,000/year can afford up to $1,587/month in total housing costs. Based on Charleston's mortgage rate of 6.9% and property tax rate of 0.55%, that translates to a maximum affordable home price of approximately $228,902 with 20% down on a 30-year loan.
To afford the median Charleston home priced at $435,000, you need an annual gross income of approximately $114,538. Total monthly housing costs (principal and interest of $2,292, property taxes of $199, and insurance of $181) come to $2,673/month, which equals 28% of the required income.
At the median home price of $435,000 and median household income of $68,000, the total monthly housing cost of $2,673 represents 47.2% of gross monthly income. This is well above the standard 28% threshold, making Charleston a challenging market for buyers at median income.
A conventional 20% down payment on the median Charleston home of $435,000 is $87,000. An FHA loan requires just 3.5% down — $15,225 — but adds mortgage insurance of roughly $297/month, bringing total FHA payments to $3,443/month.
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