Buying a home can be a good investment, but in some areas the cost discrepancy between renting a place and buying a place can be massive. RealtyTrac, a real-estate research firm, compiled data from 504 counties in large housing markets across the US. They found that in these markets the cost to rent, as a percentage of median wages, was lower than a monthly home payment about 42% of the time. (Excluding NY and CA markets entirely).
We've taken RealtyTrac's data and found the top 15 places you can save big by renting instead of buying.
Charleston, SC has a big savings for renters over buyers and is #11 on the list with a difference in median income needed to rent instead of buy of 13.52%.