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: Counties in South Carolina
Housing Market Overview
| Metric | South Carolina | US Average |
|---|---|---|
| Median Home Price | $224,357 | $242,182 |
| Price Trend (Annual %) | 9.2% | 8.2% |
| Median Gross Rent | $1,126 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in South Carolina is about 7% lower than in US. Rent is about 16% lower than the US 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 South Carolina, up about 9.2% and 4.8% a year respectively. Home prices are changing faster.
Median rent in South Carolina rose about 42.6% between 2015 and 2023, from $789 to $1,126. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in South Carolina.
Buying the median-priced home in South Carolina costs roughly 16.6 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 South Carolina. The price-to-rent ratio in US is about 15.0.
| Metric | South Carolina | US Average |
|---|---|---|
| Median Home Price | $224,357 | $242,182 |
| Median Household Income | $66,957 | $78,145 |
| Price-to-Income Ratio | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in South Carolina rose about 79.6%, while median household income rose about 53.5% 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 | South Carolina | US Average |
|---|---|---|
| Homeownership Rate | 61.6% | 58.2% |
| Rental Rate | 24.6% | 31.3% |
| Vacancy Rate | 13.8% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 |
South Carolina has a homeownership rate of 61.6%, higher than the US average of 58.2%. Its housing vacancy rate is 13.8%, compared with 10.6% in US.
Housing Stock
| Metric | South Carolina | US Average |
|---|---|---|
| Average Household Size | 2.45 people | 2.54 people |
| Median Structure Built Year | 1989 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 |
The typical housing unit in South Carolina was built around 1989. On average, 2.4 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in South Carolina.
What is the median home price in South Carolina?
The median home price in South Carolina is $224,357, lower than the US average of $242,182.
What is the average home price in 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 South Carolina?
The median gross rent in South Carolina is $1,126 per month, lower than the US average of $1,342.
What was the median gross rent in South Carolina in 2020?
In 2020, the median gross rent in South Carolina was $918 per month.
What is the price-to-rent ratio in South Carolina?
The price-to-rent ratio in South Carolina is about 16.6, meaning it would take roughly 16.6 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 South Carolina.
Are home prices or rent rising faster in South Carolina?
Both home prices and rent are rising in South Carolina, up about 9.2% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in South Carolina?
61.6% of households in South Carolina own their home, higher than the US average of 58.2%.
What is the vacancy rate in South Carolina?
The housing vacancy rate in South Carolina is 13.8%, higher than the US average of 10.6%.