If you are able to buy a home, it is much better than renting. Especially when you look at the chart below. Prices are going up...in fact, rental prices are rising so much that in 58% of housing markets in the U.S this year, it's actually going to be more affordable to buy rather than rent, according to a report by RealtyTrac.com.
Their analysis has Horry County specifically noted as better to buy than rent. With percentage of rent vs. income going up from 39.9% in 2015 to 45.1% in 2016...you can see that our area is seeing dramatic increases in rental prices. They are comparing this to less than 38% of income to make a monthly house payment (assuming a 3 percent down payment and including mortgage, taxes, insurance and mortgage insurance — on a median priced home).
As always, we are here to help in any way that we can. Buying a home can be a daunting task but we will guide you through the process step by step and make it as stress free as possible. Take advantage of the current market and your buying power. Contact us today.