Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Florence County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $174,431 | $224,357 | $242,182 |
| Price Trend (Annual %) | 7.2% | 9.2% | 8.2% |
| Median Gross Rent | $908 | $1,126 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Florence County is about 22% lower than in South Carolina. Rent is about 19% lower than the South Carolina average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Florence County, up about 7.2% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Florence County rose about 34.3% between 2015 and 2023, from $676 to $908. Over the same span, rent in South Carolina rose about 42.6%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Florence County.
Buying the median-priced home in Florence County costs roughly 16.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Florence County. The price-to-rent ratio in South Carolina is about 16.6.
| Metric | Florence County | South Carolina Avg | US Average |
|---|---|---|---|
| Median Home Price | $174,431 | $224,357 | $242,182 |
| Median Household Income | $57,028 | $66,957 | $78,145 |
| Price-to-Income Ratio | 3.1 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Florence County rose about 56.8%, while median household income rose about 38.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Florence County | South Carolina Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.2% | 61.6% | 58.2% |
| Rental Rate | 30.3% | 24.6% | 31.3% |
| Vacancy Rate | 14.5% | 13.8% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Florence County has a homeownership rate of 55.2%, lower than the South Carolina average of 61.6%. Its housing vacancy rate is 14.5%, compared with 13.8% in South Carolina.
Housing Stock
| Metric | Florence County | South Carolina Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1985 | 1989 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Florence County was built around 1985. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Florence County, South Carolina.
What is the median home price in Florence County, South Carolina?
The median home price in Florence County, South Carolina is $174,431, lower than the South Carolina average of $224,357.
What is the average home price in Florence County, South Carolina?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Florence County, South Carolina?
The median gross rent in Florence County, South Carolina is $908 per month, lower than the South Carolina average of $1,126.
What was the median gross rent in Florence County in 2020?
In 2020, the median gross rent in Florence County, South Carolina was $782 per month.
What is the price-to-rent ratio in Florence County, South Carolina?
The price-to-rent ratio in Florence County, South Carolina is about 16.0, meaning it would take roughly 16.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Florence County.
Are home prices or rent rising faster in Florence County, South Carolina?
Both home prices and rent are rising in Florence County, up about 7.2% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Florence County, South Carolina?
55.2% of households in Florence County, South Carolina own their home, lower than the South Carolina average of 61.6%.
What is the vacancy rate in Florence County, South Carolina?
The housing vacancy rate in Florence County, South Carolina is 14.5%, higher than the South Carolina average of 13.8%.