Total monthly cost of ownership
Cost to Own a Home in Columbia, South Carolina
A $244,000 home here costs
$2,026per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $87,000 a year.
A standard mortgage calculator would have told you $1,341. The real number is $685 higher every month, 51% more than the payment most buyers budget for.
Compare Richland 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.
Columbia against Richland County and South Carolina
| Measure | Columbia | Richland County |
|---|---|---|
| Median home value | $243,500 | $224,200 |
| Median property tax | $1,608 | $1,569 |
| Effective tax rate | 0.660% | 0.700% |
| Median gross rent | $1,158 | $1,185 |
| Population | 138,019 | 418,725 |
Columbia extends across 2 counties. Figures here use Richland County, where most of its housing sits.
The weather behind that power bill
Columbia sits in Richland County, which averages a high of 93.2°F in its hottest month and a low of 37.0°F in its coldest, with 43.68" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 2,418 cooling and 2,210 heating degree days, which is what sets the $162 electricity line above.
See the full climate breakdown for Richland County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Richland County
Full Richland County cost breakdown · Every county in South Carolina
Talk to someone who works this market
These are Columbia 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 Columbia every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Columbia I already own here and may sell
Common questions
How much does it cost to own a home in Columbia?
A $244,000 home in Columbia, South Carolina costs approximately $2,026 per month with 20% down at 7.32%. That is $1,341 principal and interest, $134 property tax, $118 homeowners insurance, $230 utilities and $203 set aside for maintenance.
What is the property tax rate in Columbia?
Columbia has an effective property tax rate of 0.660%, based on a median home value of $243,500 and median real estate taxes of $1,608. That is lower than the Richland County average of 0.700%.
What is the average home price in Columbia?
The median owner-occupied home value in Columbia, South Carolina is $243,500, against $224,200 across Richland County.
Is it cheaper to rent or buy in Columbia?
Median gross rent in Columbia is $1,158 a month, against $2,026 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 Columbia?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Columbia, South Carolina at today's rate takes a household income of roughly $87,000 a year. That covers the full $2,026 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Columbia, 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.