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Housing isn't something that you can do without so whether you rent or own, a home is a necessity. However, renters along the Grand Strand may soon see an increase in their rent in the next few months and potential increases are expected to continue.
When trying to determine whether it is time for you to buy or if you should continue to rent, financial experts say you should try not to spend more than 30% of your income on housing. Taking into consideration the median household income here in Horry County, your house payment or rent should be between $900 to $1,075. However, the average monthly rental in Horry County is closer to $1,200.
While rentals are typically abundant in the Myrtle Beach area, the increased demand for long term rentals has also increased rent prices. Many communities have already increased their rates this year up to $100 per month and more are expected to follow suit. You may also see an increase in out of pocket, up front fees in order to secure a long term rental property. As the housing market continues to stabilize, purchasing a home may make more sense economically depending on your situation.
An important factor to take into consideration when trying to determine whether renting or purchasing is right for you, is the monthly amount that you can afford. When you rent a property, you have a limited agreement stating how much your rent will be. Depending on the terms of your lease, your monthly payment could continue to increase to a point where you may not be able to afford to stay. With a fixed mortgage, your payment will never change for the entire length of the loan, allowing you to remain in your home without worry.
You also want to take into consideration the amount of time you plan on living in your home. If you are planning on staying for less than 3 years, you may want to rent rather than purchase. If you plan on staying for 3 years or more, purchasing a home may make more financial sense.
If you are trying to determine whether now is the right time for you to buy, let us help. We can connect you with the right lender to answer all of your questions and the right agent to help you find the perfect home for you.