The typical owner-occupied home in Gaffney is worth about $137,700, 47% below the South Carolina median of $259,000 and 59% below the national median of $332,700. Owners pay a median $756 a year in property taxes, about 0.55% of their home's value, higher than the South Carolina rate of 0.48%. The median household earns $41,089 a year, so the median home costs 3.4 times the median income (3.7 times for South Carolina). 51% of occupied homes here are lived in by their owners, and 53% of those owners still have a mortgage.
Gaffney at a glance
| Gaffney | South Carolina | U.S. | |
|---|---|---|---|
| Median home value | $137,700 | $259,000 | $332,700 |
| Median property tax paid per year | $756 | $1,251 | $3,119 |
| Property tax as a share of value | 0.55% | 0.48% | 0.94% |
| Median household income | $41,089 | $69,324 | $80,734 |
| Homes lived in by their owners | 51% | 72% | 65% |
| Owner homes with a mortgage | 53% | 57% | 61% |
| Median monthly costs, owners with a mortgage | $1,016 | $1,529 | $1,963 |
| Those costs as a share of the owners' income | 20.9% | 19.7% | 21.0% |
| Median rent | $887 | $1,180 | $1,413 |
| Rent as a share of renters' income | 28.5% | 31.1% | 30.6% |
| Median year homes were built | 1975 | 1992 | 1980 |
| Vacant homes | 13.9% | 13.3% | 10.1% |
| Population | 12,596 | 5,296,225 | 334,922,499 |
What a typical home costs per month in Gaffney
At this week's average 30-year rate of 7.11%, buying the median Gaffney home of $137,700 with 20% down costs about $862 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,091, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $36,923 for the 20%-down payment. That payment is 25% of the median Gaffney household income of $41,089; at that income and 20% down, the 28% guideline points to a home of about $153,000.
The median rent here is $887 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $27,540 |
|---|---|
| Loan amount | $110,160 |
| Principal and interest | $741 |
| Property taxes (0.55% a year) | $63 |
| Homeowners insurance (our estimate, 0.5% a year) | $57 |
| PMI | $0 |
| Total per month | $862 |
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| Down payment | $4,820 |
|---|---|
| Loan amount | $135,206 |
| Principal and interest | $910 |
| Property taxes (0.55% a year) | $63 |
| Homeowners insurance (our estimate, 0.5% a year) | $57 |
| FHA mortgage insurance | $61 |
| Total per month | $1,091 |
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Questions about home buying in Gaffney
What is the median home value in Gaffney?
About $137,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gaffney?
Homeowners pay a median $756 a year, which is about 0.55% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Gaffney?
For the median home with 20% down at 7.11%, the payment is about $862 a month. Keeping that under 28% of gross income takes about $36,923 a year.
More about Gaffney
- Mortgage Refinance in Gaffney
- Debt Relief in Gaffney
- Home Equity Loans in Gaffney
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data