Rent vs buy in South Carolina
Across its 8 cities of 50,000+, renting wins in 5 and buying in 3, based on today's numbers over 7 years.
Rent or buy in the cities of South Carolina
| City | Verdict | 7-year result | Break-even (up to 30 yrs) | Typical home | Rent /mo |
|---|
Data comes from Zillow Home Value and Observed Rent indexes. Each verdict follows our rent vs buy method using 20% down across 7 years.
What South Carolina shows
Across 7 years, renting comes out ahead in 5 of South Carolina's 8 biggest cities. What decides it is home prices set against rent. A typical home in Charleston runs $587,511, and monthly rent is $2,288. Renting is ahead by $56k, and break-even doesn't arrive until year 15. Homes in Mount Pleasant reach $871,681, while rent is $2,441. Buying never catches up in 30 years, while renting wins by $162k.
Around a $304k typical home value for the state, the math flips. Columbia home prices sit at $227,148, with rent at $1,500 each month. Buying puts you $29k ahead, and you break even at year 4. Buying also comes out ahead: $22k in Goose Creek, $16k in North Charleston, with break-even in year 5 and in year 6. Three cities are close calls: Greenville, Rock Hill and Summerville. There, renting is ahead by $9k, $8k and $5k, and break-even comes in year 8 or in year 9.
Once you own, low costs in the state help you. Property tax is 0.48%, compared with 0.94% in the US, and homeowners insurance runs $1,279 a year versus $1,308 nationally. Long term, home prices rose 4.5% a year, and 8.0% a year during the past 10 years. Just 28% of households rent here, compared with 35% nationwide, and the median rent of $1,180 a month is under $1,413 nationally.
We think your city and timeline should guide you in South Carolina. If you live in a cheaper city and stay 6 years, buy; on the coast, rent.