In Trulia's latest Rent vs. Buy Report, it was explained that homeownership remains cheaper than renting with a traditional 30-year fixed mortgage in many areas across the nation. The updated numbers show that home owning is on average 36% less expensive than renting across the United States. A recent study by GoBankingRates compared the cost of renting Vs. Owning at a state level and showed that in 36 states, including South Carolina, it is "a little" or "a lot" cheaper to own your dream home as you can see in the map below.
One reason that home owning is significantly less expensive than renting is because interest rates remain at historic lows. In reality, rates would have to raise to 10.6% for renting to become less expensive than buying, and rates haven't been that high since 1989. If you are one of the many renters who are considering your ability to buy your dream home in Greenwood, please visit our website or contact us to discuss your next steps at (864) 341-7774 or lakegreenwoodproperty.com .
