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.
We've taken RealtyTrac's data and found the top places you can save big by renting instead of buying.
Charleston, SC has one of the biggest savings for renters over buyers.
#11. Charleston County, SC
- Metro Area: Charleston-North Charleston, SC
- Population: 358,736
- Median Weekly Income: $1,108
- Average Monthly Rent: $1,301
- Estimated Monthly Mortgage Payment: $837
- Difference in median income needed to rent instead of buy: 13.52%
(Note: We've included counties with populations over 300,000 and where savings on buying instead of renting is more than 10% of wages. Additionally, average monthly house cost was computed using an insurance-payment rate of 0.35% of median home value and a property-tax rate of 1.04% of median home value.)