Rent vs buy in Summerville, SC
For Summerville, South Carolina, typical rent is $1,892 /mo and a typical home is $379,971.
Renting costs $5k less over 7 years
For Summerville's typical rent and home value, the figures apply 20% down and today's mortgage rate. You break even in year 8.
Clearly labelled opinion, with the math shown. These figures are estimates, not quotes. If you change a number, the stamp changes.
- Renting leads by
- $5k after 7 years
- Break-even point
- year 8 when owning catches up
- Actual cost of ownership
- $3,232 /mo year 1, against $1,892 rent
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Is renting or buying cheaper in Summerville?
Including the money returned to you when you sell, renting costs $4,563 less over 7 years. Renting costs less during the first 7 years. Buying catches up in year 8.
The renting side. Owning a home. Net cost to date, by year.
Average rent compared with mortgage payment in Summerville
There's more to it than rent and the mortgage. Here's every monthly cost for year 1 at Summerville's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,892 | All of it, every month |
| Mortgage payment | $2,072 | $1,826 of it is interest in year 1 |
| Property tax | $187 | 0.59% of the value a year |
| Insurance | $127 | Census median for the city |
| Upkeep | $317 | 1% of the value a year |
| Owning, cash out | $2,702 | $246 of it builds equity |
| Lost return on the down payment | $618 | What that cash would earn at 8.3% each year |
| Buying costs, spread out | $158 | 3.5% of the price over 7 years |
| True cost of owning | $3,232 | Cash out minus the equity portion, plus the two lines above |
The data behind Summerville's verdict
- Typical home value from Zillow ZHVI, September 2026
- $379,971
- Typical rent from Zillow ZORI, September 2026
- $1,892 each month
- Down payment: 20%, which avoids private mortgage insurance that the engine does not model
- 20%
- The mortgage rate comes from the Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home prices: the FHFA house price index for South Carolina, 1995 to 2025
- 4.5% each year
- Growth in rent: CPI rent of primary residence, with yearly growth 2006 to 2026
- 3.5% yearly
- Return on savings: 40% 10-year Treasuries and 60% S&P 500, with dividends, rebalanced yearly from 1928 to 2025
- 8.3% yearly
- What you pay in property tax: the Census ACS 2020-2024, Summerville data set
- 0.59% of the property's value
- The home insurance cost: the Census data set ACS 2020-2024, Summerville
- $127 each month
- Upkeep: Fannie Mae, the low end of the 1% to 4% range
- 1% of value each year
- Cost of buying: Freddie Mac, the middle of the 2% to 5% range
- 3.5% of the purchase price
- Costs of selling: The agent's commission plus closing costs
- 6% of the price
What would flip the Summerville result?
Every line marks where Summerville's 7-year verdict changes, with all other factors left unchanged.
Renting comes out ahead when
- Home prices rise below 4.6% a year; the calculation uses 4.5%, based on South Carolina's long-term rate.
- Mortgage rate stays above 7.03%.
- Renting a home like this costs under $1,940 a month (the typical figure here: $1,892).
- You move out before year 8.
Buying the home wins when
- Home prices rise by more than 4.6% a year.
- You secure a mortgage rate below 7.03%, while today's rate is 7.24%.
- You would pay more than $1,940 a month to rent the same home.
- You remain for 8 years or more.
How Summerville compares with the other 812 cities
| Measure | Summerville | Median city |
|---|---|---|
| Typical home value | $379,971 | $422,451 |
| Typical rent | $1,892 /mo | $1,837 /mo |
| Price-to-rent ratio | 16.7 (#506 of 813) | 18.5 |
| Home prices, last 10 years | 5.7% a year | 6.2% a year |
| Rents, last 5 years | 4.2% a year | 4% a year |
| Property tax | 0.59% | 0.87% |
| Households that rent | 31% | 42% |
Data comes from Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other South Carolina cities
- Rent. Charleston, SC. Renting comes out ahead by $56k.
- Buy. Columbia, SC. Buying comes out ahead by $29k.
- Buy. North Charleston, SC. Buying comes out ahead by $16k.
- Rent. Mount Pleasant, SC. Renting comes out ahead by $162k.
- Rent. Rock Hill, SC. Renting comes out ahead by $8k.
- Rent. Greenville, SC. Renting comes out ahead by $9k.
- Buy. Goose Creek, SC. Buying comes out ahead by $22k.