Florence, SC

Rent vs buy in Florence

Median home $158,800. A 1 bedrooms rents for $1,126 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,126; per month
Own the median home: $1,005; P&I, tax, insurance, upkeep
Owning is cheaper: $121; per month, same metro

What a purchase actually costs

20% down payment$31,760
Mortgage at 6.5%$803
Property tax (0.43% of value)$57/mo · $683/yr
Insurance and upkeep (1.1%/yr)$146
Total monthly ownership$1,005

Months of leftover to save the down payment

At $1,921 left over a month, it takes about 17 months (1.4 years) to save $31,760 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.