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City · 12,596 residents · Cherokee County, South Carolina

Gaffney , South Carolina

In Gaffney, a typical home is worth $137,700 and typical rent is $887 a month. Compared with all of Cherokee County, typical household income is 18% lower and the share of households that own their home is 23 points lower.

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  • Typical home value

    $137,700

    3% below the county

    47% below South Carolina

    • Gaffney
    • Cherokee
    • South Carolina

  • Typical rent

    $887a month

    2% above the county

    25% below South Carolina

    • Gaffney
    • Cherokee
    • South Carolina

  • Typical household income

    $41,089a year

    18% below the county

    41% below South Carolina

    • Gaffney
    • Cherokee
    • South Carolina

  • Households that own their home

    51%

    23 points below the county

    21 points below South Carolina

    • Gaffney
    • Cherokee
    • South Carolina

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$190,119
2.1% less than 12 months ago
Typical rent
$1,045 a month
1.5% less than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Gaffney is in Cherokee County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Cherokee County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Gaffney apart

What this place has that others do not, from public data, most unusual first.

  1. 51% of households in Gaffney own their home, against 74% in Cherokee County.

  2. Nearby, in Union, the typical home value is $109,400: 21% less than in Gaffney ($137,700).

  3. According to Zillow, in the 12 months to September 2026 the typical home value in Gaffney fell 2.1%; in South Carolina, it rose 0.9%.

  4. The typical household income in Gaffney is $41,089, 18% less than in Cherokee County as a whole ($50,288).

  5. Gaffney has the 8th lowest typical home value of the 101 cities in South Carolina with more than 5,000 people ($137,700).

Sources: U.S. Census Bureau (Average 2020–2024); Zillow (September 2026 data). Zillow data

The homes here

Housing in Gaffney

What homes there are in Gaffney, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In Gaffney, 7 in 10 homes are single-family detached houses; in Cherokee County, 6.

Year built

In Gaffney, half of the homes were built before 1975; in Cherokee County, before 1984.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

With an FHA limit of $541,287, at least 99% of owner-occupied homes in Gaffney sit below it: they are worth less than $500,000.

Monthly rent with utilities

HUD's 2-bedroom fair market rent (FMR) for Cherokee County is $885: about 62% of rents in Gaffney are below it.

With a mortgage

$1,016 a month

Cherokee County: $1,160 a month

Without a mortgage

$407 a month

Cherokee County: $335 a month

Owners with a mortgage

53%

Cherokee County: 44%

The typical cost for an owner with a mortgage in Gaffney is $1,016 a month, less than in Cherokee County ($1,160); without one, $407.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Gaffney did not change clearly: the difference is within the Census margin of error.

Since 2015–2019, the typical rent in Gaffney rose 29%, more than in Cherokee County (22%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureGaffneyCherokee CountySouth CarolinaUnited States
Rental vacancy Unreliable estimate4.8%8.3%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.9%0.9%
More than one person per room Unreliable estimate2.9%2.0%3.4%
People per household 2.482.522.442.53
Drive alone 79%85%76%69%
Carpool 9%8%9%9%
Public transit Unreliable estimateUnreliable estimate0%3%
Walk or bike Unreliable estimateUnreliable estimate2%3%
Work from home Unreliable estimate5%12%15%
Other means Unreliable estimate1%2%2%
Typical commute 10 to 19 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

Much as in Cherokee County, a household in Gaffney has 2.48 people on average.

In Gaffney, 79% of workers drive alone to work; in Cherokee County, 85%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Gaffney?

A typical home is tight for the typical income

We start with a typical home in Gaffney, worth $137,700, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 32% of the typical household income in Gaffney, which is $41,089 a year. For that payment to be 28% of income, a household would need to earn about $47,028 a year.

The calculator's FHA and conventional loan limits are those of all of Cherokee County.

Your numbers

Local data
$

Starts at the typical home value in Gaffney. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $4,820 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,097

at 7.18% · 30 years

Loan amount
$135,205
Total interest
$194,529
Paid off in
November 2056

Includes $2,325 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $959 a month

  • Tight

    $959 to $1,233 a month

    Your payment · 32%

  • Hard

    more than $1,233 a month

Compared with the typical household income in Gaffney ($41,089 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,097
Principal & interest$916
Property tax$63
Home insurance$57
FHA mortgage insurance (MIP)$61

You need at least $4,820 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Gaffney and Cherokee County

Gaffney is in Cherokee County, South Carolina. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Gaffney's own numbers

Typical home value
$137,700
Typical monthly rent
$887
Typical yearly household income
$41,089
Households that own their home
51%
Effective property tax rate
0.55%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Cherokee County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$885
Price change over 5 years (FHFA)
+64%
Homes in a high flood-risk zone
0.3%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Cherokee County.

Everything about Cherokee County

Buying

Buying a home in Gaffney

A typical home in Gaffney is worth $137,700: 3% below the county and 47% below South Carolina. With the typical household income in Gaffney ($41,089 a year), a typical home costs 3.4 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Gaffney 3.4 years
  • Cherokee 2.8 years
  • South Carolina 3.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Cherokee County

According to FHFA’s house price index, home prices in Cherokee County rose 100% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Cherokee County.

Period County South Carolina U.S.
Last year (2025) +9.0% +3.6% +2.9%
5 years (2020–2025) +64% +60% +47%
10 years (2015–2025) +100% +104% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Gaffney next to Cherokee County, South Carolina and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Gaffney $137,700
  • Cherokee $142,000
  • South Carolina $259,000
  • United States $332,700
Typical monthly rent
  • Gaffney $887
  • Cherokee $869
  • South Carolina $1,180
  • United States $1,413
Typical yearly household income
  • Gaffney $41,089
  • Cherokee $50,288
  • South Carolina $69,324
  • United States $80,734
See the full table
Gaffney next to Cherokee County and South Carolina
Measure Gaffney Cherokee County South Carolina U.S.
Typical home value $137,700 $142,000 $259,000 $332,700
Typical monthly rent $887 $869 $1,180 $1,413
Typical yearly household income $41,089 $50,288 $69,324 $80,734
Households that own their home 51% 74% 72% 65%
Typical yearly property tax $756 $614 $1,251 $3,119
Effective property tax rate 0.55% 0.43% 0.48% 0.94%
Renters with high rent for their income 47% 46% 52% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Cherokee County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Gaffney

For a typical $137,700 home in Gaffney, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Gaffney's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,097a month

    Least cash to close
    Down payment
    $4,820
    Cash to close
    $8,951
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $61

  • Conventional, 5% down $1,072a month

    Down payment
    $6,885
    Cash to close
    $11,016
    Rate
    7.18%
    Mortgage insurance
    PMI · $65

  • Conventional, 20% down, no PMI $867a month

    Down payment
    $27,540
    Cash to close
    $31,671
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $994a month

    Down payment
    $20,655
    Cash to close
    $24,786
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Gaffney and for Cherokee County.

Property tax

Effective rate in Gaffney

0.55%of the home’s value each year

$756 a year for the typical owner in Gaffney.

  • Gaffney 0.55%
  • Cherokee 0.43%
  • South Carolina 0.48%

What South Carolina publishes Special 4% assessment ratio for your legal residence (South Carolina General Assembly (South Carolina Code of Laws))

Exemptions and deadlines in South Carolina

Flood risk in Cherokee County

FEMA does not publish these numbers by city: they are for all of Cherokee County.

Homes in the high-risk zone
0.3%
82
Of those, with NFIP insurance
11%
County South Carolina U.S.
Homes in the high-risk zone 0.3% 4% 3.5%
Of those, with NFIP insurance 11% 85% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Gaffney

Typical rent in Gaffney is $887 a month: 2% above the county. In Gaffney, 47% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Cherokee County, by unit size. To pay the 2-bedroom one ($885 a month) without spending more than 30% of your income, you would need to earn $17.02 an hour working full time.

HUD fair market rent for all of Cherokee County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $780 $15.00 $31,200
1 bedroom $813 $15.63 $32,520
2 bedrooms $885 $17.02 $35,400
3 bedrooms $1,106 $21.27 $44,240
4 bedrooms $1,371 $26.37 $54,840

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Gaffney

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Gaffney has 2 ZIP codes with their own.

For 2 bedrooms it runs from $890 in 29340 to $910 in 29341.

2 of the 2 are above the fair market rent for Cherokee County ($885).

  • 29340 $890$1,110
  • 29341 $910$1,140

2 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Gaffney when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Gaffney

HUD lists 20 buildings with rents for lower incomes in Gaffney. These are the largest.

  • Connecticut Village 409A E Junior High Rd, Gaffney 29340 105 low-income homes · For families
  • Limestone Court Gaffney 29341 98 low-income homes · Run by Housing Authority of the City of Gaffney · Average payment: $313 a month · Average wait: 6 months (864) 489-3193
  • Iveywood Park Apts 112 Martin Ln, Gaffney 29341 64 low-income homes · 2 bd: 32 · 3 bd: 32 · In service since 1998
  • Beltline Courts Gaffney 29341 62 low-income homes · Run by Housing Authority of the City of Gaffney · Average payment: $376 a month · Average wait: 13 months (864) 489-3193
  • Autumn Glen Villas 611 W Buford St, Gaffney 29341 60 low-income homes · 2 bd: 36 · 3 bd: 24 · In service since 2019 · For families

See all 24 buildings in Cherokee County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Gaffney

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Cherokee County. The nearest ones are below; many serve by phone or online.

An older woman smiles in front of her apartment building.

HUD counseling is free or low-cost

Assistance programs in Gaffney

1 program is for Gaffney or Cherokee County, by its own record: they come first, each with what its official page says about being open. The ones below are statewide in South Carolina: they work in Gaffney the same as in the rest of the state.

Which programs do I qualify for? All programs in South Carolina

  • County First Initiative

    For Cherokee County

    South Carolina state agency rural initiative for certain counties: an FHA, USDA or VA mortgage at a special fixed rate with forgivable down payment assistance, for first-time buyers and for people who have owned a home before. Offered by SC Housing (South Carolina State Housing Finance and Development Authority).

    Forgivable

    See the program Official page

  • Palmetto Home Advantage

    Statewide in South Carolina

    South Carolina state agency program with forgivable down payment assistance of 0%, 3% or 4% of the loan, with no monthly payments, for any buyer in all 46 counties. Offered by SC Housing (South Carolina State Housing Finance and Development Authority).

    Forgivable

    See the program Official page

  • SC Housing Homebuyer Program

    Statewide in South Carolina

    South Carolina state agency fixed-rate mortgage with forgivable help for the down payment, closing costs or prepaid expenses: a 0% second mortgage with no monthly payments, forgiven if you live in the home 15 years. Offered by SC Housing (South Carolina State Housing Finance and Development Authority).

    Forgivable

    See the program Official page

Housing counselors near Gaffney

The HUD-approved agencies closest to the center of Gaffney, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Regenesis Community Development Corporation F/K/A Upstate Housing Partnership

    430 E Main St, Spartanburg · 17 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 8 more
    (864) 504-3090

  • Telamon Corporation - Greenville Branch

    300A S Daniel Morgan Ave, Spartanburg · 18 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 7 more
    (919) 899-9911

  • Greenville County Human Relations Commission

    301 University Rdg, Greenville · 45 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 8 more
    (864) 467-7095

All counseling agencies in South Carolina

Help in Spanish near Gaffney

None of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Gaffney

HUD’s record names them for Gaffney or Cherokee County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Housing Authority of the City of Gaffney Public housing (864) 489-3193

All housing agencies in South Carolina Source: HUD

Cities

Nearby cities

The cities closest to Gaffney, with the typical home value.

Everything about Cherokee County Housing in South Carolina

Neighboring counties

If Cherokee County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Gaffney.

All guides
A couple spread mulch under the avocado trees of their family orchard, he on the tractor and she with a shovel.

Questions

Housing questions about Gaffney

Short answers with the numbers for Gaffney and all of Cherokee County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Gaffney?

The typical home value in Gaffney is $137,700, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Cherokee County it is $142,000.

How much does it cost to rent in Gaffney?

Typical rent in Gaffney is $887 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Cherokee County is $885.

What is the FHA loan limit in Gaffney?

Gaffney uses the FHA limit for all of Cherokee County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Gaffney?

The typical homeowner in Gaffney pays $756 a year, according to the U.S. Census Bureau. That is 0.55% of the home’s value; in Cherokee County, the rate is 0.43%.

Where can I find free help to buy or rent in Gaffney?

We found no HUD-approved counseling agencies with an office in Cherokee County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).