Charleston, SC

Rent vs buy in Charleston

Median home $345,400. A 1 bedrooms rents for $1,593 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,593; per month
Own the median home: $2,201; P&I, tax, insurance, upkeep
Owning costs extra: $608; per month, same metro

What a purchase actually costs

20% down payment$69,080
Mortgage at 6.5%$1,747
Property tax (0.48% of value)$138/mo · $1,658/yr
Insurance and upkeep (1.1%/yr)$317
Total monthly ownership$2,201

Months of leftover to save the down payment

At $2,280 left over a month, it takes about 31 months (2.6 years) to save $69,080 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.