Why Buying a Home in Columbia, SC. Is Cheaper Than Renting

GUEST ARTICLE: By Hannah Goodman of Trulia

Whether you are looking for an inexpensive place to retire, a quiet place to start a family, or your very first starter home, consider Columbia, South Carolina. This southeastern capital city gets more than 300 days of sunshine a year and offers a variety of activities and attractions for all ages. With an average listing price of just $137,500, there’s an affordable home in Columbia to be found for every budget. In fact, a recent study by Trulia showed that Columbia ranks in the top three metros where buying a home beats renting for retiree’s, just behind New Orleans, and Baton Rouge, Louisiana. The report assumes a 30-year fixed rate mortgage with a 20 percent down payment and 25 percent tax bracket for households moving every seven years.

Where Buying a Home Beats Renting
U.S. Metro	Median Home Value, Mar 2016	Median Rent, Mar 2016	% Cheaper to Buy a Home Than Rent, Mar 2016
New Orleans, LA	$168,870	$1,450	-52.3%
Baton Rouge, LA	$159,362	$1,350	-51.3%
Columbia, SC	$121,115	$1,150	-51.1%
Detroit, MI	$61,363	$850	-50.6%
Fort Lauderdale, FL	$208,049	$1,750	-49.7%
Birmingham, AL	$124,897	$1,100	-49.1%
Philadelphia, PA	$134,208	$1,200	-49.1%
Miami, FL	$249,326	$1,975	-48.7%
Memphis, TN-MS-AR	$110,757	$1,095	-48.4%
West Palm Beach, FL	$228,703	$1,850	-48.1%
Note: Negative numbers mean that buying costs less than renting, while positive numbers means buying is more expensive than renting.

Not sure where to start on your house hunt? Young people and students will be happy in Rosewood, with its close proximity to University of South Carolina, Midlands Tech and Fort Jackson. The older generation will likely find the perfect home to fit their needs in Earlewood, a quiet residential area just a few short minutes from Downtown Columbia’s many amenities.