Compare Spartanburg, SC mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Spartanburg.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Spartanburg. Plus, shopping lenders is free and there is no obligation.
September 30, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Spartanburg. Understand how much you need to earn to afford a home in Spartanburg, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Spartanburg fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Spartanburg is right for you.
The median home value for Spartanburg, SC is $222,875
Based on current mortgage rates and a 10% down payment, you need to make $46,495 per year to buy the median priced home in Spartanburg
With this income, you could qualify for a $200,587 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Spartanburg is $1,077
The median household income for Spartanburg, SC is $61,355
Based on this income, you can afford a home valued at approximately $294,104
The home price you can afford to buy based on household income in Spartanburg is 132% of the median home value which means housing prices are average. Spartanburg ranks 30 out of 46 counties in South Carolina and 2,278 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Spartanburg, SC is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Spartanburg below.
Conforming loan limits for Spartanburg, SC
FHA loan limits for Spartanburg, SC
VA loan limits for Spartanburg, SC