Total monthly cost of ownership
Cost to Own a Home in Cheraw, South Carolina
A $113,000 home here costs
$1,041per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $44,500 a year.
A standard mortgage calculator would have told you $616. The real number is $425 higher every month, 69% more than the payment most buyers budget for.
Compare Chesterfield County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Cheraw against Chesterfield County and South Carolina
| Measure | Cheraw | Chesterfield County |
|---|---|---|
| Median home value | $113,400 | $101,400 |
| Median property tax | $517 | $468 |
| Effective tax rate | 0.456% | 0.462% |
| Median gross rent | $806 | $776 |
| Population | 5,024 | 43,575 |
The weather behind that power bill
Cheraw sits in Chesterfield County, which averages a high of 92.3°F in its hottest month and a low of 31.8°F in its coldest, with 49.76" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,990 cooling and 2,789 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Chesterfield County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chesterfield County
Full Chesterfield County cost breakdown · Every county in South Carolina
Talk to someone who works this market
These are Cheraw averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Cheraw every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cheraw I already own here and may sell
Common questions
How much does it cost to own a home in Cheraw?
A $113,000 home in Cheraw, South Carolina costs approximately $1,041 per month with 20% down at 7.24%. That is $616 principal and interest, $43 property tax, $54 homeowners insurance, $233 utilities and $94 set aside for maintenance.
What is the property tax rate in Cheraw?
Cheraw has an effective property tax rate of 0.456%, based on a median home value of $113,400 and median real estate taxes of $517. That is in line with the Chesterfield County average of 0.462%.
What is the average home price in Cheraw?
The median owner-occupied home value in Cheraw, South Carolina is $113,400, against $101,400 across Chesterfield County.
Is it cheaper to rent or buy in Cheraw?
Median gross rent in Cheraw is $806 a month, against $1,041 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Cheraw?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cheraw, South Carolina at today's rate takes a household income of roughly $44,500 a year. That covers the full $1,041 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cheraw, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for South Carolina.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.