Rent vs Buy in Florence, South Carolina
Should you rent or buy in Florence? Get a personalized analysis based on current Florence housing market data.
Our Recommendation for Florence
In Florence, South Carolina, buying and renting are similarly advantageous financially. The wealth difference over 10 years is approximately $20K, which suggests lifestyle factors and personal preferences should drive your decision.
Break-even
7 yrs
10-Year Advantage
$20,000
renting wins
Confidence
88%
Price-to-Rent
21.2
Florence Market Statistics
Median Home Price
$330,000
-21% vs national
Median Rent
$1,300/mo
-37% vs national
Property Tax Rate
0.57%
Price Change (1 Year)
+3.4%
Price Change (5 Year)
+26.0%
Price-to-Rent Ratio
21.2
+410% vs national avg
Income to Afford
$28,000
Days on Market
28 days
Data sources: Zillow, Tax Foundation. Last updated: 12/1/2024
Florence Market Insights
Florence's home prices have been relatively stable over the past year, changing just 3.4%. This stability can benefit both buyers seeking predictability and renters who aren't pressured to buy immediately.
Florence's price-to-rent ratio of 21.2 is above the 20 threshold that typically indicates renting may be more financially advantageous. This doesn't mean you shouldn't buy, but the pure math favors renting in the short to medium term.
Home prices in Florence are 21% below the national median of $420,000. This relative affordability could make homeownership more accessible than in many other major cities.
The break-even point in Florence is 7 years. If you're confident you'll stay at least this long, buying becomes financially favorable. If your timeline is shorter, renting might be the safer choice.
Florence benefits from a low property tax rate of just 0.57%. This makes homeownership more affordable on a monthly basis compared to high-tax states, improving the buy vs rent equation.
About This Analysis
These insights are generated based on current Florence market data including median home prices, rental rates, property taxes, and historical appreciation. The analysis uses standard assumptions (20% down payment, 7% interest rate, 10-year horizon) for comparability. Your specific situation may differ—use our calculator below to run personalized numbers.
Run Your Own Numbers
Our analysis uses standard assumptions. Your situation may be different. Use our full Buy vs Rent calculator to input your specific income, down payment, and financial goals.
Compare Nearby Markets
See how Florence compares to other cities in South Carolina and the surrounding area.
| City | Median Home | Median Rent | Verdict |
|---|---|---|---|
| Florence(current) | $330,000 | $1,300 | Toss-up |
| Charleston | $355,000 | $1,700 | Toss-up |
| Columbia | $345,000 | $1,550 | Toss-up |
| North Charleston | $370,000 | $1,750 | Toss-up |
Click on a city name to see its detailed rent vs buy analysis.
Frequently Asked Questions
Based on current Florence market data (median home price: $330,000, median rent: $1,300/month), our analysis suggests either option could work. The break-even point is approximately 7 years. However, your personal situation (income, savings, job stability, plans to stay) significantly impacts this decision. Use our calculator to run your specific numbers.
Our Methodology
Our rent vs buy analysis uses a comprehensive financial model that compares the total cost of homeownership against renting and investing the difference. Here's how we calculate each verdict:
1Buying Costs We Include
- Mortgage principal and interest (P&I)
- Property taxes (using local rates)
- Homeowner's insurance
- PMI (if down payment is less than 20%)
- Maintenance costs (1-2% of home value/year)
- Transaction costs (closing costs, realtor fees)
- Home appreciation over time
2Renting + Investing Assumptions
- Monthly rent with annual increases (~3%/year)
- Renter's insurance
- Down payment invested in stock market
- Monthly savings (buy cost - rent cost) invested
- 7% average annual stock market returns
- Investment growth over holding period
Standard Assumptions for City Analysis
Down Payment
20%
Interest Rate
7.0%
Loan Term
30 years
Time Horizon
10 years
How We Determine the Verdict
- Buy: When buying builds $20,000+ more wealth than renting over 10 years
- Rent: When renting + investing builds $20,000+ more wealth than buying over 10 years
- Toss-Up: When the difference is less than $20,000 either way—lifestyle factors should guide your decision
Note: This analysis provides general guidance based on market averages. Individual results will vary based on specific property characteristics, negotiated prices, timing, and personal financial factors. Always run your own numbers with our full calculator for personalized results.
Explore More Cities
More in South Carolina
- Charleston$355k
- Columbia$345k
- North Charleston$370k
- Mount Pleasant$275k
- Rock Hill$315k
Similar Price Range
- Philadelphia, PA$310k
- Columbus, OH$335k
- Indianapolis, IN$305k
- Nashville, TN$380k
- Milwaukee, WI$300k
Ready to Run Your Numbers?
This analysis uses standard assumptions. Your situation is unique. Use our comprehensive Buy vs Rent calculator to input your specific income, savings, down payment, and financial goals.
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