Not sure if you can afford to buy? Wondering if you should just rent? There are many articles out there on the rent vs buy debate, and opinions on what you should do, but how do you really know what’s right for you? Well here is some local information that will be useful in making your decision.
An easy way to evaluate the numbers is by the percentage of income it takes to pay your rent or mortgage. The median income in Summerville is $55,290. The median rental rate in Summerville for a home is $1425. The median sales price is $197,650.
This puts the Summerville numbers at:
20.5% of median income to buy a home
30.9% of median income to rent a home
Historically, the national numbers have been:
21.0% of median income to buy a home
25.8% of median income to rent a home
These numbers are overly simplified and there are many factors that go into determining when it’s the right time to buy. Don’t dismiss this because oversimplified or not, these numbers show the bigger picture that over time make a huge difference. You don’t want to look back five or ten years from now wishing you would have done something differently.