A new housing report says it's more affordable to rent than buy a home in Charleston County based on average wages and median home prices.
Property information service ATTOM Data Solutions says the median home price in Charleston County is $289,000, and it would take 47 percent of the average income in the area to buy. On the other hand, the they found it costs $1,382 on average to rent a three-bedroom property in the region, requiring about 36 percent of income.
A general rule for housing is that about one-third of earnings before taxes should go toward providing shelter.
The company analyzed federal data and home sales across the country in 540 counties with more than 900 home sales for its 2017 Rental Affordability Report. It found it is more affordable to buy than rent in 66 percent of U.S. housing markets. But not in Charleston, SC.
While buying continues to be more affordable than renting in many of U.S. markets, that equation could change quickly if mortgage rates keep rising in 2017,” said Daren Blomquist, senior vice president with ATTOM Data Solutions.
The report found it is cheaper to buy than rent in all other metro areas of the Palmetto State except Beaufort County, home to Hilton Head Island.
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