Total monthly cost of ownership
Cost to Own a Home in Gaffney, South Carolina
A $141,000 home here costs
$1,191per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $725. The real number is $466 higher every month — 64% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Gaffney against Cherokee County and South Carolina
| Measure | Gaffney | Cherokee County |
|---|---|---|
| Median home value | $141,100 | $135,200 |
| Median property tax | $805 | $590 |
| Effective tax rate | 0.571% | 0.436% |
| Median gross rent | $822 | $813 |
| Population | 12,612 | 56,299 |
The weather behind that power bill
Gaffney sits in Cherokee County, which averages a high of 87.8°F in its hottest month and a low of 26.5°F in its coldest, with 45.32" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,235 cooling and 3,788 heating degree days, which is what sets the $145 electricity line above.
See the full climate breakdown for Cherokee County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cherokee County
Full Cherokee County cost breakdown · Every county in South Carolina
Common questions
How much does it cost to own a home in Gaffney?
A $141,000 home in Gaffney, South Carolina costs approximately $1,191 per month with 20% down at 6.66%. That is $725 principal and interest, $67 property tax, $68 homeowners insurance, $213 utilities and $118 set aside for maintenance.
What is the property tax rate in Gaffney?
Gaffney has an effective property tax rate of 0.571%, based on a median home value of $141,100 and median real estate taxes of $805. That is higher than the Cherokee County average of 0.436%.
What is the average home price in Gaffney?
The median owner-occupied home value in Gaffney, South Carolina is $141,100, against $135,200 across Cherokee County.
Is it cheaper to rent or buy in Gaffney?
Median gross rent in Gaffney is $822 a month, against $1,191 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Gaffney — 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.