Total monthly cost of ownership
Cost to Own a Home in Red Bank, South Carolina
A $176,000 home here costs
$1,422per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $905. The real number is $517 higher every month — 57% 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.
Red Bank against Lexington County and South Carolina
| Measure | Red Bank | Lexington County |
|---|---|---|
| Median home value | $176,200 | $217,700 |
| Median property tax | $866 | $1,136 |
| Effective tax rate | 0.491% | 0.522% |
| Median gross rent | $1,141 | $1,115 |
| Population | 10,950 | 300,370 |
The weather behind that power bill
Red Bank sits in Lexington County, which averages a high of 92.7°F in its hottest month and a low of 34.6°F in its coldest, with 45.24" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 2,236 cooling and 2,473 heating degree days, which is what sets the $145 electricity line above.
See the full climate breakdown for Lexington County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lexington County
Full Lexington County cost breakdown · Every county in South Carolina
Common questions
How much does it cost to own a home in Red Bank?
A $176,000 home in Red Bank, South Carolina costs approximately $1,422 per month with 20% down at 6.66%. That is $905 principal and interest, $72 property tax, $85 homeowners insurance, $213 utilities and $147 set aside for maintenance.
What is the property tax rate in Red Bank?
Red Bank has an effective property tax rate of 0.491%, based on a median home value of $176,200 and median real estate taxes of $866. That is lower than the Lexington County average of 0.522%.
What is the average home price in Red Bank?
The median owner-occupied home value in Red Bank, South Carolina is $176,200, against $217,700 across Lexington County.
Is it cheaper to rent or buy in Red Bank?
Median gross rent in Red Bank is $1,141 a month, against $1,422 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 Red Bank — 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.