AgentOwned Realty

In SC it Costs You More to Rent than to Own a Home

Posted By: Christine Pettigrew In: Renting vs Buying
Date: Wed, Jul 20th 2016 11:16 am

With mortgage rates at historic lows for a while now, monthly mortgage payments are less than monthly rent in 42 states here in the US, according to a survey by GoBankingRates.  South Carolina is one of them!   See their chart of the states here.

Because of rising rental rates here in the Charleston area, this is definitely true for Charleston.  As an example, paying $2,000 monthly rent would be approximately the same as purchasing a $315,000 home with a potential monthly payment of $1,939.  That includes an estimate of taxes and insurance too!

Call me at 843.276.7976 and I will help you save money by building equity for your future!

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Christine Pettigrew