Rent vs buy in Columbia, SC
For Columbia, South Carolina, typical rent is $1,500 /mo and a typical home costs $227,148.
Buying comes out ahead by $29k over 7 years
The figures rely on Columbia's typical rent and home value, plus a 20% down payment and today's mortgage rate. Break-even point: year 4.
An opinion that's clearly labeled and includes the math. These are estimates, not quotes. The stamp updates whenever a number changes.
- Owning comes out ahead by
- $29k after 7 years
- Cost break-even point
- year 4 when owning catches up
- Real cost of owning
- $1,967 /mo year 1, against $1,500 rent
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Is it cheaper to rent or buy in Columbia?
Over 7 years, buying saves $28,698 after counting the money you get back when you sell. In year 4, owning's net cost falls below renting's and remains lower.
Renting. Owning. Net cost to date, by year.
Average rent compared with mortgage payment in Columbia
Rent and mortgage don't tell the whole story. Here are all monthly costs for year 1 at Columbia's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,500 | All of it, every month |
| Mortgage payment | $1,238 | $1,092 of it is interest in year 1 |
| Property tax | $121 | 0.64% of the value a year |
| Insurance | $101 | Census median for the city |
| Upkeep | $189 | 1% of the value a year |
| Owning, cash out | $1,650 | $147 of it builds equity |
| Lost return on the down payment | $369 | Earnings the cash would bring at 8.3% a year |
| Buying costs, spread out | $95 | 3.5% of the price over 7 years |
| True cost of owning | $1,967 | Cash out, minus the equity portion and plus the two amounts listed above |
The Columbia verdict, in numbers
- Typical home value: Zillow data, ZHVI, September 2026
- $227,148
- Typical rentZillow data: ZORI, September 2026
- $1,500 a month
- With 20% down, private mortgage insurance is avoided, but the engine leaves it out
- 20%
- Rate for mortgagesFreddie Mac Primary Mortgage Market Survey, FRED MORTGAGE30US
- 7.24%
- How home prices grewFHFA house price index, South Carolina, 1995 through 2025
- 4.5% yearly
- Rent growthCPI rent of primary residence, 2006 to 2026, yearly growth
- 3.5% yearly
- A savings return of 60% S&P 500 with dividends, plus 40% 10-year Treasuries, rebalanced yearly from 1928 to 2025
- A yearly rate of 8.3%
- Property tax, Census ACS 2020-2024, Columbia
- 0.64% of the value
- Home insurance, Census ACS 2020-2024, Columbia
- $101 each month
- Maintenance, Fannie Mae, low end of 1% to 4%
- Each year, 1% of the value
- Buying costs from Freddie Mac, using the midpoint of 2% to 5%
- 3.5% applies to the price
- Selling costs, agent commission plus closing costs
- 6% of the price
What would make it flip in Columbia?
Each line shows where the 7-year verdict changes in Columbia. All other factors stay the same.
Renting has the advantage when
- Home prices grow by less than 2.9% a year, while the rate we use is 4.5%, South Carolina's rate over the long run.
- Mortgage rates stay higher than 9.46%.
- A similar home rents for under $1,190 a month, compared with the typical $1,500 here.
- Your move happens before year 4.
Buying has the advantage when
- Home prices grow at more than 2.9% a year.
- You secure a mortgage rate under 9.46%, compared with today's 7.24%.
- The same home would cost more than $1,190 a month to rent.
- You remain for at least 4 years.
Columbia compared with the other 812 cities
| Measure | Columbia | Median city |
|---|---|---|
| Typical home value | $227,148 | $422,451 |
| Typical rent | $1,500 /mo | $1,837 /mo |
| Price-to-rent ratio | 12.6 (#735 of 813) | 18.5 |
| Home prices, last 10 years | 6.4% a year | 6.2% a year |
| Rents, last 5 years | 5.4% a year | 4% a year |
| Property tax | 0.64% | 0.87% |
| Households that rent | 54% | 42% |
Sources: Zillow ZHVI, plus ZORI, Census ACS 2020-2024.
Other South Carolina cities
- Rent. Charleston, SC. Renting has the advantage by $56k.
- Buy. North Charleston, SC. Buying has the advantage by $16k.
- Rent. Mount Pleasant, SC. Renting has the advantage by $162k.
- Rent. Rock Hill, SC. Renting has the advantage by $8k.
- Rent. Greenville, SC. Renting has the advantage by $9k.
- Rent. Summerville, SC. Renting has the advantage by $5k.
- Buy. Goose Creek, SC. Buying has the advantage by $22k.