Buy vs Rent in Charleston, SC (2026)
Median home price $430K · 1BR rent $1,900/mo · Price-to-rent ratio 18.9x.
Median home price
$430K
1BR rent
$1,900/mo
Price-to-rent ratio
18.9x
Verdict
Neutral
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $15,050 | $43,000 | $86,000 |
| Mortgage (P&I) | $2,761/mo | $2,575/mo | $2,289/mo |
| Property tax (est.) | $394/mo | $394/mo | $394/mo |
| Insurance (est.) | $179/mo | $179/mo | $179/mo |
| Maintenance (est.) | $358/mo | $358/mo | $358/mo |
| Total monthly cost | $3,692vs rent: +$1,792/mo | $3,506vs rent: +$1,606/mo | $3,220vs rent: +$1,320/mo |
| Income to qualify | $118,329/yr | $110,357/yr | $98,100/yr |
| Break-even (approx.) | ~1 yrs | ~2 yrs | ~5 yrs |
Charleston housing context
$68K
Median HH income
per year
$98,100
Income needed (20% down)
per year
+$30K
Affordability gap
vs median income
Frequently asked questions
Is it better to buy or rent in Charleston?
Charleston's price-to-rent ratio of 18.9x is in the neutral zone (15-20x). Whether to buy or rent depends on how long you plan to stay, your down payment, and your personal finances.
How much do I need to earn to buy a home in Charleston?
With a median home price of $430K in Charleston, you'd need an annual income of roughly $98,100 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $110,357/year.
Charleston full cost of living breakdownCheaper cities near CharlestonHow much to retire in CharlestonCompare mortgage rates
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only