Renting vs. Buying in Columbia

Author by Eddie YandlePosted in Areas, best builder, builder, Custom Homes, Executive Construction Homes, Financing, First Time Buyers, floorplans, mortgage, Neighborhood, Uncategorized

Renting vs. Buying in Columbia

By Katie Bassett

 

The choice between renting and buying a home is one of the biggest financial decisions you will make. With home prices are rising across the country, people are shying away from buying options. However, buying a home is still 37.7% cheaper than renting on a national level. The decision to rent vs. buy will be dependent on the area you are deciding to live in.

 

A Peak at the Current Market  

It has only become slightly cheaper to buy vs rent because of the rising home prices. Home prices have increased by 5.9 % since last year compared to an increase of 3.5% for rents. However, mortgage rates have dropped from 3.9% to 3.7% in the past year, which still gives home buying an advantage. By using a mortgage rate calculator, you can determine the best financial option for you, and if your mortgage rate would be above or below industry average to better.

 

Living in Columbia

It is more cost effective to rent vs. buy in the top 100 metros across the country, but some cities obviously see higher monetary benefits than the rest. Columbia rounded out the top 10 metros with the largest financial advantage of homeownership. As of 2016, the median home value in Columbia, SC is $124,733.00 and renting averages come to $1,125.00 per month. These prices indicate that it is 50.6% cheaper to buy a home versus renting in Columbia.

 

The top ten metros with the largest financial advantage of home ownership include:

  1. Miami, FL
  2. West Palm Beach, FL
  3. Houston, TX
  4. Fort Lauderdale, FL
  5. Charleston, SC
  6. Baton Rouge, LA
  7. New Orleans, LA
  8. Syracuse, NY
  9. Philadelphia, PA
  10. Columbia, SC

 

Factors That Influence Price in Columbia

The city continues to see steady growth since the recession, which indicates a slow increase in home prices. When looking at Columbia home buying trends, there are various factors that affect the price in Columbia, some of which include home size and location. Given the demographic of Columbia, single-family homes and condominiums tend to sell the quickest in the city. Additionally, school districts will play a major role in neighborhood popularity, which can also affect home prices.

 

Don’t Wait to Buy  

Whether you are a first-time buyer or a seasoned vet in the industry, now is the time to buy Columbia real estate. Take advantage of the lower mortgage rates now before they increase, making it harder to purchase a home.

Published by Eddie Yandle

Eddie and Shanna Yandle are the owners and founders of Executive Construction Homes. Eddie Yandle has been in the building industry his entire life. In 1985, Eddie started working full time with his father, George (Butch) Yandle, in the underground utilities business. Eddie built his first personal home in 1989, soon after that he met his wife, Shanna. They quickly built four homes together and Eddie started the beginning of Executive Construction Homes, LLC. Eddie Yandle became focused on building with superior quality and enduring value. Shanna now serves as office manager while Eddie keeps busy in the field. Staying involved in the building process is very important to Eddie Yandle. From designing the home, to personally inspecting the details, Eddie ensures the home is what the customer expected at their purchase contract. Eddie and Shanna are now raising two beautiful children. Continuing to be a responsible contributor to the community, Executive Construction Homes supports a variety of organizations. Executive Construction Homes is recognized in the Directory of Professionals with Home Building Designations with the National Association of Homebuilders and received many endorsements and recommendations from their clients. In 2012, Eddie Yandle has met all the requirements for membership and has been voted by the Master Builder Committee to be accepted as a Certified Master Builder of South Carolina (CMB). In order to reach this level, Yandle had to participate in 20 hours of continuing education, provide reference letters from customers and business associates, assure a one-year warranty on all his homes and show at least five years’ experience in home building. The education alone sets him apart from all other builders because the state of South Carolina does not require licensed builders to maintain any level of continuing education. Eddie Yandle, of Executive Construction Homes is now one of the select groups of professionals nationwide to earn the Certified Green Professional (CGP) educational designation, identifying him as an Owner/Homebuilder with the skills and the best strategies for incorporating green building principles into new home and remodeling projects. The CGP curriculum includes three days of training from leading building industry practitioners and academics on a range of topics, including strategies for integrating green building principles into homes using cost-effective methods of construction. Continuing to create custom homes, Executive Construction Homes is a builder in Columbia, Elgin, Lexington, Lake Murray, and Irmo. The professional staff works with a variety of floor plans, neighborhoods and is a respected homebuilder in South Carolina. Executive Construction Homes, LLC is a multi award-winning builder being recognized by the Greater Columbia Home Builders Association. Eddie spends his free time not only with his family but other community related functions. Together the Yandles’ involvement in the Columbia, SC area has brought over 850 new homes to families as of December 2019.