Abberly Village Apartment Homes

1000 Abberly Village Circle, West Columbia, SC 29169
Call: 833-334-9767 (803) 936-1012 Email UsAbberlyVillage.PropertySite.HHHunt@aptleasing.info View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

West Columbia SC Apartments Blog

It is Cheaper to Rent Than Own in Every State - West Columbia, SC

Joseph Coupal - Tuesday, March 28, 2017

Abberly Village, West Columbia, SCOwning a home is often considered the American dream — and it’s an expensive one. Homeowners in all 50 states and Washington, D.C., pay from 33% to 93% more for housing each month than do renters living in the same state, according to a new NerdWallet analysis.

But many homeowners reap benefits that you can’t get from renting. The equity you build can be leveraged for loans that can be used to improve the home and boost its value or be used in financial emergencies.

While renting can’t offer thosefinancial benefits, it’s cheaper to rent on a month-to-month basis. If you’re wondering how to save money for a down payment, renting can help you build that nest egg — but in extremely expensive or competitive markets, renting might be better for the long haul.

To determine the monthly homeownership premium — the additional cost of owning instead of renting, expressed as a percentage — NerdWallet compared 2015 American Community Survey data from the U.S. Census Bureau for the median gross rent and median homeownership cost in each state and Washington, D.C. Median gross rent includes the costs of monthly rent and utilities for all kinds of rental properties, and median homeownership cost includes monthly mortgage payments, real estate taxes, insurance and utilities. This comparison doesn’t include the down payment required to buy a home, which is traditionally 20% of the home price for conventional mortgages, but is lower for FHA or VA loans.

Key takeaways

  • Owning is more expensive everywhere. Across all 50 states and Washington, D.C., it costs more each month to own a home than to rent. The median cost people pay nationwide to own a home is 54% more than the median cost to rent each month.
  • The smallest difference is still a third more to own.
  • In some states, the cost of owning far eclipses renting.

State: South Carolina
Homeownership Premium: 43%
Median Monthly Cost to Own: $1168
Median Monthly Cost to Rent: $819
Difference: $349

For more information on apartments in West Columbia, SC, contact Abberly Village.

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Abberly Village Apartment Homes

1000 Abberly Village Circle, West Columbia, SC 29169

Call: 833-334-9767
Email UsAbberlyVillage.PropertySite.HHHunt@aptleasing.info
View Map

Opens: Monday-Friday: 9A-6P | Saturday: 10A-5P | Sunday: 1P-5P

$952-$1,431