How Much House Can I Afford in Charleston

7a2f1bd2f02ca6d2ce50f90107d97e01

 A Realistic Breakdown 

Let’s face it. Buying a home in Charleston isn’t just about "can I afford it?" 

It’s about whether you can breathe easy after you’ve paid the mortgage, insurance, taxes, and HOA... and still have money left for oysters and boat fuel. That’s the real question. 

Whether you’re dreaming of a single-family home or townhome in Mount Pleasant, or strategizing to add a marshfront estate on Sullivan’s Island to your portfolio, understanding what your monthly outlay actually looks like is key. 

So, let’s break it down. No fluff, no spreadsheets. Just real-life scenarios using real numbers based on what we’re seeing on the ground in Charleston right now. 

 

Starter Home Scenario: $350,000 Townhome 

For buyers keeping it modest and smart, a $350K price point can land you a townhome or starter single-family home in areas like West Ashley, Hanahan, Summerville, or North Mount Pleasant. With a 5% down payment, you're financing roughly $332,500. 

At a 6% interest rate, your mortgage payment is around $1,995 per month. If rates are closer to 7%, that jumps up to about $2,210. 

Now add in: 

  • Property taxes: approximately $1,500 per year 
  • Insurance: around $1,500 per year 
  • HOA: typically about $350 per month 

Your total monthly payment ends up somewhere between $2,500 and $2,800 depending on where rates and fees land. 

This is a great setup for someone looking for low-maintenance living with proximity to downtown, the beaches, or a quick zip down 526. 

 

Move-Up Home Scenario: $800,000 Single-Family in Mt. Pleasant or James Island 

Stepping up in price usually means more space, a yard, and some lifestyle upgrades. Think Rivertowne, Oyster Point, or Stiles Point on James Island. With a 10% down payment, you're financing around $720,000. 

At a 6% interest rate, your mortgage payment is roughly $4,320 per month. At 7%, it could climb to about $4,775. 

Now let’s factor in: 

  • Property taxes: around $3,000 per year 
  • Insurance: approximately $3,000 per year 
  • HOA: about $125 per month 

That puts your total monthly payment between $4,800 and $5,400 depending on the rate and specific location. 

At this level, you’re not just buying a home. You’re buying into a neighborhood, a school district, and a weekend routine of boat ramps, beach days, and brunches. 

 

Charleston Dream Home Scenario: $2,000,000+ Waterfront or Historic Gem 

Now let’s talk Riverside, the Old Village area, downtown South of Calhoun, or a deepwater home in one of Charleston’s many luxury developments. These are the iconic Lowcountry properties that turn heads at every sunset. 

With a 20% down payment on a $2M home, you’re financing $1.6M. At a 5.5% interest rate, your mortgage is roughly $9,100 per month. Bump that rate to 7% and it climbs to about $10,650. 

Then add: 

  • Property taxes: around $6,000 per year 
  • Insurance: closer to $5,000 per year 
  • HOA: around $125 per month, unless you’re in a gated or luxury community 

That puts your total monthly payment in the range of $10,300 to $11,800, depending on the details. 

This is premium Charleston living. The porch swings, the marsh views, the golf cart rides to dinner. You’re not just buying square footage. You’re buying peace, presence, and prestige. 

 

What the Numbers Don’t Show 

Here’s the honest part: 

  • The interest rate you lock in changes everything. A 1 to 2 percent difference can mean hundreds or even thousands more per month. 
  • If you’re putting down less than 20 percent, PMI (private mortgage insurance) may apply, unless you’re using a VA loan. Expect another $150 to $400 per month. 
  • Townhomes and condos offer great value, but HOA fees can quietly add up. Some Charleston condos run well over $500 per month. 
  • Don’t forget flood insurance. In Charleston, it's essential to know if you're in a flood zone before you make an offer. That’s a conversation we have upfront every time. 

 

You Don’t Need to Be a Math Genius. Just Have a Plan. 

It’s not about stretching your budget. It’s about knowing what number lets you sleep well at night while still loving where you live. 

Let’s map it out together. Let’s explore Charleston’s neighborhoods and lifestyle options, from Avondale to Awendaw, Park Circle to the Old Village, and find the property that fits your reality, not just your Pinterest board. 

If you want to run real numbers with my team and simplify the process for your unique situation, shoot me a message. 

We’ll break it down, keep it real, and help you make a smart move in a city we both love.