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!
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:
% 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 [email protected] 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 [email protected] or call 803-271-9544
Author:Maria Kitchens Phone: 803-467-1694 Dated: July 28th 2015 Views: 970 About Maria: Maria Kitchens is a Real Estate Professional who has lived in Chapin, SC, for the past nine years wi...
Chapin, SC is known as "The Capital of Lake Murray" and with good reason. The residents of Chapin enjoy a relaxed lifestyle with the convenience of the city. Columbia, SC is just a quick 20 minute drive and shopping is even closer.You are embarking on an exciting journey, be sure that you find agents that will take time and share your enthusiasm during this process.
EXIT Midlands Realty is a full service real estate firm dedicated to assisting our clients with the purchase and sale of real estate in the Greater Columbia Area. We were founded in 2005 and quickly grew into one of the most innovative and knowledgeable firms in and around Columbia. Our staff is made up of full time professional agents that are dedicated to the profession of listing and selling real estate.
Call one of our experienced agents to assist you with your real estate needs. It would be an honor to work with you.