Hilton Head Island, SC

Rent vs buy in Hilton Head Island

Median home $393,100. A 1 bedrooms rents for $1,481 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,481; per month
Own the median home: $2,515; P&I, tax, insurance, upkeep
Owning costs extra: $1,034; per month, same metro

What a purchase actually costs

20% down payment$78,620
Mortgage at 6.5%$1,988
Property tax (0.51% of value)$167/mo · $2,005/yr
Insurance and upkeep (1.1%/yr)$360
Total monthly ownership$2,515

Months of leftover to save the down payment

At $1,760 left over a month, it takes about 45 months (3.8 years) to save $78,620 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.