If you’re thinking about moving to Greenville, SC, you’re probably wondering how much the cost of living is, the cost of housing or is it more expensive to rent or buy a home in Greenville?
Housing is one of the biggest expenses we’ll ever make in our life, that’s a fact. It accounts for more than 30 percent of our household’s yearly expenditures, according to the Bureau of Labor Statistics. While many people find that it’s cheaper to rent a home than to buy, in a city where the cost of living is low and buying a home is cheaper than renting, owning a home is the better option.
SmartAsset conducted a study on the average rent and home prices in the 100 largest metro areas in the US and here are the top 5 cities where buying is most affordable.
Buying a home in Greenville is cheaper than renting. The average monthly rent in Greenville South Carolina is $1,008 whereas a monthly mortgage is $485, according to the study.
Greenville Home Prices
According to the Greater Greenville MLS data for March 2017, the average sales price for a single-family home in Greenville is $212,318. Home prices in Greenville vary considerably by location. Usually, home prices in the suburbs are lower than those located in the city.
Neighborhoods in the greater Greenville area have homes of all price ranges, environments, and amenities. Whatever your home preferences are, Greenville real estate can offer you what you need. Whether you are looking for a smaller home, starter home, new construction home, or established family home in one of Greenville’s popular neighborhoods, Greenville real estate offers a fantastic series of opportunities to get your foot on the real estate ladder.
Find out: How much house can I afford?
Rentals in Greenville
According to SmartAsset, the average monthly rent in Greenville is $1,008, lower by a few hundred dollars than the national average of $1,408. A studio apartment in Greenville has an average rent of $518, $194 below the U.S. average. A one-bedroom apartment in Greenville rents for an average of $905, lower by $235 compared to the national average. For two-bedrooms, rental in Greenville cost an average of $1,120.
Buying or Renting?
The total years to break even is only 1.33 year, if you plan on living in a home for more than that time period, it is more financially advantageous for you to buy the same house than rent it. As shown in the above numbers, the average Greenville renters shell out about $1,000 a month to their landlord, while most Greenville real estate owners only pay around $500 monthly for their mortgage payment. Overall, you’ll be much better off in Greenville owning a home rather than renting one.
There are often concerns about how affordable homes are in the current market, but with the majority of Greenville homes for sale hovering around the $200,000 range and home prices even lower in other areas like Greer, Taylors, Travelers Rest, Fountain Inn, and Mauldin, a simple calculation will tell you that buying here is a better deal than renting.
When is the time right to buy a home?
Deciding whether renting or buying a home is best for you is really a matter of evaluating your financial and life situation. If you can’t afford the costs of buying a home right now, prepare a budget for homeownership by setting up a savings plan to help you reach your goal. Once your finances permit it and the timing is right, don’t hesitate to jump into the opportunity of buying your own home.
Ready To Take The First Step?
We’re happy to help you get started on your journey to homeownership. This 8 Steps to Home is a useful guide about the home buying process. If you are a first-time home buyer and you want to rise a few rungs up the real estate ladder, this read is essentially for you. Alternatively, don’t hesitate to speak with us. We are happy to help! Just fill in the contact form on the right side or simply contact us at 864-881-1258.