Total monthly cost of ownership
Cost to Own a Home in Lake City, South Carolina
A $134,000 home here costs
$1,187per 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 $51,000 a year.
A standard mortgage calculator would have told you $731. The real number is $456 higher every month, 62% more than the payment most buyers budget for.
Compare Florence 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.
Lake City against Florence County and South Carolina
| Measure | Lake City | Florence County |
|---|---|---|
| Median home value | $133,700 | $165,500 |
| Median property tax | $560 | $724 |
| Effective tax rate | 0.419% | 0.437% |
| Median gross rent | $696 | $908 |
| Population | 6,032 | 136,921 |
The weather behind that power bill
Lake City sits in Florence County, which averages a high of 92.0°F in its hottest month and a low of 36.0°F in its coldest, with 45.3" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 2,257 cooling and 2,334 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Florence County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Florence County
Full Florence County cost breakdown · Every county in South Carolina
Talk to someone who works this market
These are Lake City 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 Lake City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lake City I already own here and may sell
Common questions
How much does it cost to own a home in Lake City?
A $134,000 home in Lake City, South Carolina costs approximately $1,187 per month with 20% down at 7.24%. That is $731 principal and interest, $47 property tax, $65 homeowners insurance, $233 utilities and $112 set aside for maintenance.
What is the property tax rate in Lake City?
Lake City has an effective property tax rate of 0.419%, based on a median home value of $133,700 and median real estate taxes of $560. That is lower than the Florence County average of 0.437%.
What is the average home price in Lake City?
The median owner-occupied home value in Lake City, South Carolina is $133,700, against $165,500 across Florence County.
Is it cheaper to rent or buy in Lake City?
Median gross rent in Lake City is $696 a month, against $1,187 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 Lake City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lake City, South Carolina at today's rate takes a household income of roughly $51,000 a year. That covers the full $1,187 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lake City, 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.