CALCMONEY // HOME AFFORDABILITY // SC // SPARTANBURG
How much house can you afford in Spartanburg? Based on local median home prices, current SC mortgage rates, and Spartanburg property tax data.
$265,000
$1,628/mo
$69,776/yr
$212,849
Monthly housing costs of $1,628 represent 33.7% of Spartanburg's median gross monthly income ($4,833/mo). At 33.7%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $265,000 |
| Down Payment (20%) | $53,000 |
| Loan Amount | $212,000 |
| Monthly PI Payment | $1,396 |
| Monthly Property Tax | $121 |
| Monthly Insurance Est. | $110 |
| Total Monthly PITI | $1,628 |
| Housing Cost % of Income | 33.7% |
| Required Income (28% rule) | $69,776/yr |
| Max Affordable Home | $212,849 |
$9,275
$2,097/mo
Spartanburg Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $265,000 | Spartanburg city median |
| Down Payment (20%) | $53,000 | Conventional loan |
| Monthly PITI | $1,628 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $69,776 | Annual gross |
| Max Affordable Home | $212,849 | Based on median income |
| FHA Down (3.5%) | $9,275 | Minimum FHA |
| Housing Cost % of Income | 33.7% | Median income: $58,000/yr |
| Property Tax Rate | 0.55% | $1,458/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Spartanburg is $265,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $212,000, generating a monthly P&I payment of $1,396. Adding property taxes ($121/mo) and homeowners insurance ($110/mo) brings total monthly PITI to $1,628.
Spartanburg'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 Spartanburg median home, that is $121/month, or $1,458 per year.
South Carolina levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Spartanburg 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 Spartanburg's median income of $58,000/year can afford up to $1,353/month in total housing costs. Based on Spartanburg's mortgage rate of 6.9% and property tax rate of 0.55%, that translates to a maximum affordable home price of approximately $212,849 with 20% down on a 30-year loan.
To afford the median Spartanburg home priced at $265,000, you need an annual gross income of approximately $69,776. Total monthly housing costs (principal and interest of $1,396, property taxes of $121, and insurance of $110) come to $1,628/month, which equals 28% of the required income.
At the median home price of $265,000 and median household income of $58,000, the total monthly housing cost of $1,628 represents 33.7% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Spartanburg home of $265,000 is $53,000. An FHA loan requires just 3.5% down — $9,275 — but adds mortgage insurance of roughly $181/month, bringing total FHA payments to $2,097/month.
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