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
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U.S. Metro
|
Median Home Value,
Mar 2016
|
Median Rent, Mar
2016
|
% Cheaper to Buy
a Home Than Rent, Mar 2016
|
$168,870
|
$1,450
|
-52.3%
|
|
$159,362
|
$1,350
|
-51.3%
|
|
$121,115
|
$1,150
|
-51.1%
|
|
$61,363
|
$850
|
-50.6%
|
|
$208,049
|
$1,750
|
-49.7%
|
|
$124,897
|
$1,100
|
-49.1%
|
|
$134,208
|
$1,200
|
-49.1%
|
|
$249,326
|
$1,975
|
-48.7%
|
|
$110,757
|
$1,095
|
-48.4%
|
|
$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.
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| Lake Murray - Another Popular Choice For Greater Columbia Living! |
