It’s still cheaper in this SC city to buy a house than rent, new data shows. Here’s the cost

Owning a home has long been a part of the American Dream, and is often a better choice for long-term investments, but with rising housing costs and financial instability, an increasing number of people are choosing to rent instead.

The majority of Americans still own a house, around 66%, but ownership rates in rural areas drop to almost 50%, likely because monthly mortgage payments cost more than rent in most of the nation’s cities.

As of early 2026, the national median monthly mortgage payment, including property taxes, is 20% higher than the median rent, according to a report from Construction Coverage, a construction management company.

It wasn’t always like this. Since the start of 2021, mortgage rates have more than doubled, and home prices remain approximately 33% higher, flipping the affordability gap between rent and mortgage payments, the report said.

Homeownership is high in South Carolina, with 73% of people owning a house. While it makes financial sense to own a house if you plan to stay in the long-run, rent is a cheaper option in all but one SC city.

Columbia more affordable for homebuyers

Out of 838 cities analyzed, Columbia is one of just 95 places where buying is more affordable than renting, according to the report.

In Columbia, the median monthly mortgage payment plus property taxes is $1,366, while the median monthly rent is $1,459. The result is a 6.4% discount for homeowners.

Sorting U.S. cities from cheapest for buyers to most expensive, Columbia ranks 48th out of 658 small cities.

Other SC cities’ house affordability rankings

#117. North Charleston

North Charleston is the second-most affordable city for homeowners in SC, with a median monthly mortgage payment of $1,853, and the median rent is $1,670. The mortgage payment is 10.9% higher than rent, ranking the city 117th out of 658 small cities.

#195. Greenville

In Greenville, the median monthly mortgage payment is $1,905, and the rent is $1,548. The price jump is 22.9% for homeowners.

#211. Rock Hill

Rock Hill’s median monthly mortgage payment is $1,948, and the rent is $1,555, making it 25.3% costlier to own a house.

#213. Summerville

Summerville didn’t place much farther than Rock Hill. The charming, growing town near Charleston has a median monthly mortgage payment of $2,284, and the rent is $1,819, making it 25.6% pricier to own a house.

This story was originally published April 17, 2026 at 6:00 AM with the headline "It’s still cheaper in this SC city to buy a house than rent, new data shows. Here’s the cost."