To Buy Or Not To Rent The Data Is In

To Buy Or Not To Rent The Data Is In

Image title

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!


Image title

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
Richland26.922.7
Lexington24.720.9


 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


Maria Kitchens Headshot
Author:
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...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

FAMILY FUN ACTIVITIES CHAPIN IRMO OCTOBER 2018 - October is packed with fun
CHAPIN SC HOMES FOR SALE IN PARK WEST SUBDIVISION - CHAPIN SC HOMES FOR SALE IN PARK
LEXINGTON SC HOMES FOR SALE IN KINGSTON HARBOUR - LEXINGTON SC HOMES FOR SALE IN
CHAPIN SC HOMES FOR SALE The Oaks At OAKBROOK LANDING - CHAPIN SC HOMES FOR SALE The Oaks

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

EXIT Midlands Realty
PO Box 807
Chapin, SC
803-753-4961
803-345-6126