Total monthly cost of ownership
Cost to Own a Home in McCormick, South Carolina
A $88,000 home here costs
$873per 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 $37,500 a year.
A standard mortgage calculator would have told you $480. The real number is $394 higher every month, 82% more than the payment most buyers budget for.
Compare McCormick County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for McCormick from a five-year rolling sample, and with about 2,681 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The McCormick County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
McCormick against McCormick County and South Carolina
| Measure | McCormick | McCormick County |
|---|---|---|
| Median home value | $88,400 | $159,000 |
| Median property tax | $535 | $1,014 |
| Effective tax rate | 0.605% | 0.638% |
| Median gross rent | $640 | $666 |
| Population | 2,681 | 9,701 |
The weather behind that power bill
McCormick sits in McCormick County, which averages a high of 92.3°F in its hottest month and a low of 32.9°F in its coldest, with 47.29" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,954 cooling and 2,822 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for McCormick County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in McCormick County
No other places of this size are published in McCormick County.
Full McCormick County cost breakdown · Every county in South Carolina
Talk to someone who works this market
These are McCormick 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 McCormick every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in McCormick I already own here and may sell
Common questions
How much does it cost to own a home in McCormick?
A $88,000 home in McCormick, South Carolina costs approximately $873 per month with 20% down at 7.24%. That is $480 principal and interest, $44 property tax, $42 homeowners insurance, $233 utilities and $73 set aside for maintenance.
What is the property tax rate in McCormick?
McCormick has an effective property tax rate of 0.605%, based on a median home value of $88,400 and median real estate taxes of $535. That is lower than the McCormick County average of 0.638%.
What is the average home price in McCormick?
The median owner-occupied home value in McCormick, South Carolina is $88,400, against $159,000 across McCormick County.
Is it cheaper to rent or buy in McCormick?
Median gross rent in McCormick is $640 a month, against $873 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 McCormick?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in McCormick, South Carolina at today's rate takes a household income of roughly $37,500 a year. That covers the full $873 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for McCormick, 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.