Friday, June 29, 2018

Rent vs Buy: How Greenville Fares


rent vs buy: how greenville fares
Statistical company SmartAsset released a study that shows 17 metro areas with a population more than 200,000 where the cost to rent outweighs the cost of buying a home.

It just so happens that the Greenville-Anderson-Mauldin South Carolina metro area ranks on their map as #8 nationally. Their interactive map shows that renting beyond 1 ½ years cost you more than buying a home. As the years stretch out the cost to rent becomes higher. Here are a few numbers.

Rank
Metro
Avg. Monthly Mortgage Payment
Avg. Monthly Rent
Ave. Home Price
Breakeven Year
Rent Vs. Buy Index
8
Greenville-Anderson-Mauldin, SC
$734
$1,095
$188,816
1.7
96.5

Of course, you will need to review your own budget to see if buying a home is feasible. And there will be some instances where renting is just the only option like for short term stays. But with mortgage rates climbing can you really afford not to buy?

There are many options for coming up with a down payment or even being able to forgo it altogether. Contact your preferred lender for a consolation or use one of mine. I am happy to give a referral.

And remember if you, a friend or family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.