Myrtle Beach, SC

Rent vs buy in Myrtle Beach

Median home $260,500. A 1 bedrooms rents for $1,306 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,306; per month
Own the median home: $1,630; P&I, tax, insurance, upkeep
Owning costs extra: $324; per month, same metro

What a purchase actually costs

20% down payment$52,100
Mortgage at 6.5%$1,317
Property tax (0.34% of value)$74/mo · $886/yr
Insurance and upkeep (1.1%/yr)$239
Total monthly ownership$1,630

Months of leftover to save the down payment

At $1,661 left over a month, it takes about 32 months (2.7 years) to save $52,100 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.