Rent vs buy in Charleston, SC
In Charleston, South Carolina, the typical rent is $2,288 /mo and the typical home is $587,511.
Renting comes out ahead by $56k over 7 years
Today's mortgage rate, 20% down and Charleston's typical figures for rent and home value. Break-even point: year 15.
An opinion, clearly labelled, with the math shown. These are estimates, not quotes. Adjust any number and the stamp changes with it.
- Renting leads by
- $56k after 7 years
- Break-even point
- the 15th year when owning catches up
- Actual cost of owning
- $4,886 a month year 1, against $2,288 rent
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Is it cheaper to rent or buy in Charleston?
Renting is cheaper over 7 years, by $56,218, once you include what comes back to you when you sell. For the first 14 years, renting costs less. By year 15, owning has caught up.
Renting Owning Net cost so far, listed year by year.
Charleston: average rent vs mortgage payment
Rent and the mortgage don't tell the whole story. At Charleston's typical price, here's every monthly cost for year 1.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,288 | All of it, every month |
| Mortgage payment | $3,203 | $2,823 of it is interest in year 1 |
| Property tax | $211 | 0.43% of the value a year |
| Insurance | $163 | Census median for the city |
| Upkeep | $490 | 1% of the value a year |
| Owning, cash out | $4,066 | $380 of it builds equity |
| Lost return on the down payment | $955 | What your cash would earn each year at 8.3% |
| Buying costs, spread out | $245 | 3.5% of the price over 7 years |
| True cost of owning | $4,886 | Cash out, minus the equity share, plus both lines above |
Charleston: the numbers behind the verdict
- Typical home valueZillow ZHVI, September 2026
- $587,511
- Typical rentZillow ZORI, September 2026
- $2,288 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, South Carolina, 1995 to 2025
- 4.5% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Charleston
- 0.43% of value
- Home insuranceCensus ACS 2020-2024, Charleston
- $163 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would change the Charleston result?
Each line marks the threshold where the 7-year verdict for Charleston switches, with everything else left as it is.
When renting wins
- Home prices grow by less than 5.6% a year (we use South Carolina's long-run rate of 4.5%).
- The mortgage rate remains above 5.54%.
- For a home like this, the monthly rent is less than $2,890; the typical amount here is $2,288.
- You move house before year 15.
When buying wins
- Home prices grow at more than 5.6% a year.
- You lock in a mortgage rate under 5.54% (today's is 7.24%).
- You'd pay over $2,890 a month to rent the same home.
- You remain 15 years or longer.
How Charleston compares with the other 812 cities
| Measure | Charleston | Median city |
|---|---|---|
| Typical home value | $587,511 | $422,451 |
| Typical rent | $2,288 /mo | $1,837 /mo |
| Price-to-rent ratio | 21.4 (#273 of 813) | 18.5 |
| Home prices, last 10 years | 7% a year | 6.2% a year |
| Rents, last 5 years | 6.1% a year | 4% a year |
| Property tax | 0.43% | 0.87% |
| Households that rent | 44% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other South Carolina cities
- Buying wins by $29k. Columbia, SC
- Buying wins by $16k. North Charleston, SC
- Renting wins by $162k. Mount Pleasant, SC
- Renting wins by $8k. Rock Hill, SC
- Renting wins by $9k. Greenville, SC
- Renting wins by $5k. Summerville, SC
- Buying wins by $22k. Goose Creek, SC