Quick answer
At current rates, renting wins over the full 30-year horizon in Charleston. Monthly ownership cost $3,535 (vs $$2,250/mo rent) plus SC's 0.57% property tax make the math tough.
Rent vs Buy · SC
Rent vs Buy in Charleston (2026)
Real math using SC's 0.57% property tax rate, $2,500/year average insurance, and a 6.8% 30-year fixed mortgage. Accounts for opportunity cost — what the down payment would earn invested at 7%.
Last updated: April 23, 2026
Verdict at current rates
Renting wins (30-year horizon)
In Charleston at SC's tax rates and current 6.8% mortgages, keeping the down payment invested at 7% beats homeownership even after 30 years. The standard advice "buy to build equity" doesn't apply here at today's price-to-rent ratio.
Monthly Cost Breakdown
Buying
$3,535/mo
Mortgage P&I
$408,000 loan, 30yr @ 6.8%
$2,660
Property tax
0.57% of assessed (SC avg)
$242
Homeowners insurance
$2,500/yr SC avg
$208
Maintenance
1%/yr of home value
$425
Cash at close: ~$114,750 ($20% down + fees)
Renting
$2,250/mo
2BR rent (median)
Charleston market rate
$2,250
Renters insurance
~$15/mo typical
$15
Down payment invested
$102,000 growing at 7%/yr
(opportunity cost)
Monthly gap: $1,285 cheaper than buying. Renter invests that difference.
Year-by-Year Net Position
"Buy wins by" = what you'd clear selling the home minus what the renter has in investments. Positive = buy ahead.
| Year | Home value | Buyer equity (net) | Renter portfolio (net) | Buy wins by |
|---|---|---|---|---|
| Year 5 | $591,230 | $-145,568 | +$82,958 | $-228,525 |
| Year 10 | $685,397 | $-211,760 | +$75,146 | $-286,906 |
| Year 15 | $794,563 | $-246,083 | +$86,096 | $-332,179 |
| Year 30 | $1,237,904 | $-13,293 | +$398,712 | $-412,005 |
Assumptions
Every rent-vs-buy calculator depends on the assumptions. Here are ours — all transparent, none cherry-picked to bias the answer.
This is a rule-of-thumb calculator. Real decisions involve your specific tax bracket, any HOA, mortgage points, closing-cost negotiations, and exact loan terms.
Frequently Asked Questions
Is it better to rent or buy in Charleston?
In Charleston at current mortgage rates (6.8%), renting and investing the down payment beats buying for the full 30-year horizon. Median monthly ownership costs ($3,535) well exceed median 2BR rent ($2,250), and SC's 0.57% property tax makes the math especially tough.
What's the monthly cost of owning a home in Charleston?
On a median $510K home with 20% down at 6.8% fixed rate: mortgage P&I $2,660, property tax $242 (0.57% of assessed value), homeowners insurance $208 (SC average $2,500/year), and maintenance $425 (1% of home value/year). Total: $3,535/month.
How much down payment do I need to buy in Charleston?
20% down on a median Charleston home ($510K) is $102,000. Plus closing costs of roughly 2.5% ($12,750). Total cash-to-close: about $114,750. FHA loans allow 3.5% down ($17,850) but require mortgage insurance that adds ~$199/month.
What's the 10-year cost of renting vs buying in Charleston?
Over 10 years in Charleston: renters pay $309,525 in cumulative rent but have $384,671 invested (assuming 7% return on the $102,000 down payment + monthly savings). Buyers have paid $507,583 in total ownership costs and hold $336,948 in home equity. Net: renting is ahead by $286,906 at year 10.