Total monthly cost of ownership
Cost to Own a Home in Gaffney, South Carolina
A $141,000 home here costs
$1,255per 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 $54,000 a year.
A standard mortgage calculator would have told you $769. The real number is $486 higher every month, 63% more than the payment most buyers budget for.
Compare Cherokee 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.
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 $165 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
Talk to someone who works this market
These are Gaffney 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 Gaffney every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Gaffney I already own here and may sell
Common questions
How much does it cost to own a home in Gaffney?
A $141,000 home in Gaffney, South Carolina costs approximately $1,255 per month with 20% down at 7.24%. That is $769 principal and interest, $67 property tax, $68 homeowners insurance, $233 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 $1,255 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 Gaffney?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Gaffney, South Carolina at today's rate takes a household income of roughly $54,000 a year. That covers the full $1,255 monthly cost, not just the mortgage payment.
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.