Here’s how cheap SC is to buy a home compared to the rest of the US in 2023, new report shows
.jpg "A SOLD sign is attached to a For Sale sign outside a home.")
Budget conscious house hunters could do far worse than buy a home in South Carolina, a new report shows.
The Palmetto State ranks 22nd among cheapest states to buy a house in 2023, according to financial website Scholaroo. Meanwhile, North Carolina was found more expensive, ranking 29th in the U.S. for affordable homes.
According to the latest housing data from Redfin, South Carolina had a median sales price of $373,100 for a home in July — noticeably lower than the U.S. median sales price of $421,774 for the same month.
Minnesota came in first in the Scholaroo ranking as the overall most affordable state to buy a house. Hawaii came in dead last.
The new report determined the cheapest states to buy homes by examining five key metrics: median home value, mortgage payment to monthly income ratio, average monthly household income, average monthly mortgage payment and property taxes.
Here’s where South Carolina and North Carolina ranked in the five metrics, which determined their overall ranking.
SC and NC metrics
South Carolina
- Median home value: 17
- Mortgage payment to monthly income ratio: 33
- Average monthly household income: 42
- Average monthly mortgage payment: 20
- Property taxes: 6
North Carolina
- Median home value: 23
- Mortgage payment to monthly income ratio: 38
- Average monthly household income: 32
- Average monthly mortgage payment: 29
- Property taxes: 20
10 Cheapest states to buy a home in 2023
- Minnesota
- Indiana
- Missouri
- Iowa
- West Virginia
- Michigan
- Kentucky
- Connecticut
- Ohio
- North Dakota
This story was originally published September 6, 2023 at 6:00 AM.
