Home Affordability in Columbia, SC
The median home price in Columbia is $210,000 with a median household income of $42,716. Housing is moderately affordable relative to local incomes.
Median Home Price
$210,000
Median Income
$42,716
Price-to-Income Ratio
4.9x
Est. Affordable Home
$166,000
Property Tax Rate
0.57%
Annual Property Tax
$1,197
Sales Tax Rate
8.00%
Cost of Living Index
92
Buying a Home in Columbia
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $42,716 in Columbia can afford a monthly housing payment of approximately $997. This translates to a home price of roughly $166,000, which is below the median home price of $210,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Columbia would be approximately $1,197 per year ($100/month) at the effective rate of 0.57%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $6,300 | $203,700 | Yes |
| 5% | $10,500 | $199,500 | Yes |
| 10% | $21,000 | $189,000 | Yes |
| 20% | $42,000 | $168,000 | No |
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