To Buy Or Not To Rent The Data Is In

To Buy Or Not To Rent The Data Is In

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Just yesterday I received a call from a woman looking to rent a home.  When I asked her if she has considered buying she said no because she assumed she couldn’t afford to buy.   Well, according to a recent RealtyTrac buy-or-rent analysis, in both Lexington and Richland counties (to include the city of Columbia, Chapin, Irmo and Lexington) it is more economical to buy than to rent!

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The study assessed what percent of median income is needed to support the monthly house payment on a three-bedroom single-family home or condo — assuming a 10 percent down payment and including mortgage, property taxes and insurance vs. the percentage of income needed for the fair-market rent for a three-bedroom property.

Here is how the data shakes out in the greater Lake Murray area:

County   % income needed to rent% income needed to buy

 There are other variables to consider when determining if renting or buying is best for you. I suggest you contact a local mortgage loan officer who can help you decide what is best for your situation.  Michele Rogers from Mortgage Options will provide you with a no obligation assessment and also help you navigate the credit repair process if you need to do that.  She can be contacted at or call her cell at 803-727-8049. 


Gary Heiligman Real Estate Professional advocating and negotiating on behalf of Buyers and Sellers in communities surrounding Lake Murray South Carolina including,Chapin,Irmo,Lexington and Timberlake. Real Estate with Gary Heiligman associated with EXIT Midlands Realty,email or call 803-271-9544

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Phone: 803-467-1694
Dated: July 28th 2015
Views: 928
About Maria: Maria Kitchens is a Real Estate Professional who has lived in Chapin, SC, for the past nine years wi...

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EXIT Midlands Realty
200 Clark St PO Box 807
Chapin, SC