Should I rent, or should I buy?

Greenville has always had a strong opinion about homeownership. For years, the math seemed simple: buying typically beat renting on monthly cost, and the lifestyle upside made ownership even more compelling. But the market shifts, and with it, the old rules deserve a fresh look. In this episode of Selling Greenville, the host revisits the rent-versus-buy decision with hard neighborhood data, plain-English analysis, and a practical framework anyone in the Upstate can use.

Should I Rent or Should I Buy in Greenville?

When people ask, “Should I rent or should I buy in Greenville?” they’re often expecting a purely financial answer. Yet the truth—especially right now—is more layered. Mortgage rates have eased from their recent peak but are still elevated compared to the past several years, sitting at 7.69% on the recording date. That alone is changing the calculus for monthly payments—sometimes dramatically—and reopening a debate that hasn’t been this complicated in a long time.

Why this conversation matters again

Historically, Greenville favored buyers. With minimal down payments (3.5–5%) and low rates, many could own for less than the typical rent. Meanwhile, landlords priced rent to cover everything—mortgage, insurance, taxes, HOA, maintenance, and vacancy risk—so renters often paid a premium for the convenience of not owning. But with higher rates than a year or two ago (and certainly higher than five or ten years back), it’s prudent to run the numbers again.

A reality check from neighborhood data

To ground the conversation, the episode examines real Greenville-area neighborhoods with both active rental and sales histories. Two examples carry the point clearly.

Chartwell Estates (Greer, near GSP)

• Median rent (past year): $1,900/month Average rent: $1,871 (range: $1,595–$2,200)

• Median purchase price (past year): $265,000 Average purchase price: $277K+ (range: $235K–$338.5K)

Assuming 5% down and focusing first on principal + interest:

• On $265,000, P&I calculates to $1,821/month—technically below the median rent of $1,900.

• However, taxes + homeowners insurance + HOA in that neighborhood can reasonably add $250–$300/month. Now ownership’s monthly outlay sits well above the typical rent—often by a couple hundred dollars.

Even at the low end (a $235K sale), the P&I of $1,590 is within $5 of the lowest observed rent ($1,595)—and once you add taxes/insurance/HOA, the monthly for owning exceeds rent. At the high end, a $338.5K home yields P&I around $2,290, already higher than the highest rent in the sample ($2,200)—before the additional monthly costs.

Holliston (Simpsonville)

• Median rent: $1,975/month

• Median sale price: $304,500 → P&I around $2,060 (about $100 higher than median rent—again not counting taxes/insurance/HOA).

• Average sale price: ~$305.5K → P&I around $2,067, also above the average rent of $1,964.

• Low-end rent vs low-end sale: $695 rent vs $288K purchase (P&I ~$1,948).

• High-end rent vs high-end sale: $2,150 rent vs $325K sale (P&I ~$2,199), which is $49 more than the highest rent before other costs.

Across multiple neighborhoods (not all detailed on-air), the pattern holds: total monthly ownership costs (P&I + taxes + insurance + HOA) commonly exceed rent at today’s assumed rate. In some cases, even P&I alone tops the rent.

Important caveats

• Rate buydowns exist. Especially in new construction, sellers sometimes help lower your rate. You can also negotiate buydowns in resale scenarios. That means you don’t necessarily have to borrow at 7.69%.

• Price-per-square-foot didn’t drive the analysis. Rental data was too limited to do apples-to-apples on size. As a rough rule, rentals in these examples may skew smaller than the homes selling in the same neighborhoods, which complicates “monthly cost” comparisons by lifestyle utility.

• The break-even rate: The host’s back-of-the-envelope takeaway is that something under 6%—maybe mid-5s—would push Greenville closer to a rent-vs-buy monthly break-even. That’s why when rates lived in the 3s (or well under 5), buying nearly always “won” the monthly contest.

Five kinds of control that come with owning

If the monthly cost is the only lens, renting often looks attractive in this snapshot. But the rent-vs-buy decision is rarely just math. The episode reframes ownership not as a price puzzle, but as a control question—similar to working for yourself vs. working for a boss. Here are the five types of control that ownership enhances:

1) Cost control

Rents can jump—sometimes with lease renewals, sometimes via creative fees. A fixed-rate mortgage (principal + interest) stays the same for the life of the loan. Over time, you might refinance into a lower rate, watch PMI drop off, or shop for insurance to reduce escrow—tools tenants don’t really have. Yes, taxes and insurance can change. But your core P&I doesn’t yo-yo the way rent can.

2) Maintenance control

In practice, landlords—especially mom-and-pop owners—often don’t maintain properties at the same level a homeowner would. Tenants end up tolerating issues to “keep the peace,” or even fixing things themselves. When you own, you decide the standard and cadence of upkeep. You aren’t waiting in a ticket queue to get your hot water or AC back.

3) Lifestyle control

Homes shape day-to-day life more than almost anything else. Ownership makes it easier to choose school districts, commute times, room counts, guest space, and a neighborhood vibe that actually fits. Tenancy can be precarious: sales of the property, new managers, tighter rules, or suddenly no pets allowed—all of that can upend your plans with little notice.

4) Architectural control

Want board-and-batten, a coffered ceiling, different appliances, trees, fences, a garden—the works? Within HOA and local rules, ownership lets you make a house your own. Renting rarely allows meaningful changes, and even when it does, you’re improving someone else’s asset.

5) Location control

The best single-family homes in Greenville are rarely rentals. As a broad (and honest) generalization, rental stock trends toward the lower quartile in condition, features, and location. Meanwhile, the pool of homes for sale dwarfs the rental pool. In the episode’s quick MLS peek: around 199 active rentals vs. 3,365 homes for sale. If you want the widest set of choices—and the best odds of finding “the one”—buying is how you expand your map

A fair financial note about equity

If you’re purely optimizing monthly cash flow, renting may save money right now. But ownership introduces a second ledger line: equity. Every principal payment grows your stake. Market appreciation can add to that. Over time, owners can tap equity (via sale, cash-out refi, or HELOC) for big life goals. Renters, by contrast, build equity for the landlord.

So, to truly compare apples to apples: if you rent because it’s cheaper monthly, you’d need to invest the difference consistently to keep pace with what equity can become. Most people don’t do that reliably. That’s not a judgment—just a real-world observation the host has seen again and again.

Who might choose to rent right now?

Plenty of sensible reasons:

• You value flexibility over stability this year.

• You don’t want the mental load of maintenance, taxes, and insurance shopping.

• You’re rebuilding savings for a down payment or prefer to wait for lower rates.

• You found a well-located rental that fits your life now—and you’re okay with the trade-offs.

And who gravitates toward buying despite higher monthly costs?

• People who prize control: costs, lifestyle, upgrades, pets, school zones, and long-term location.

• Those who want a bigger menu of home choices vs. the thin rental inventory.

• Anyone thinking long-term about wealth-building via equity.

Practical takeaways from the episode

• Do the math hyper-locally. Chartwell Estates and Holliston are good case studies, but your neighborhood might pencil differently—especially if a buydown or seller credit is in play.

• Read leases as if your life depends on them. Renewal clauses, notice periods, and fee schedules—these details matter if you rent.

• Think beyond the monthly. Equity accumulation and quality-of-life control are hard to reduce to a spreadsheet, yet they drive the satisfaction most owners feel.

• Keep rate scenarios handy. If rates dip under 6% broadly, the monthly math shifts. Being prepped helps you move when it makes sense.

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Bottom Line

Right now, a strict monthly comparison often favors renting in Greenville—especially once you account for taxes, insurance, and HOA on the ownership side. But that’s only part of the story. Ownership brings five kinds of control—cost, maintenance, lifestyle, architectural, and location—that renters seldom enjoy. It also builds equity in the background while you live your life.

So when you catch yourself wondering, “Should I rent or buy in Greenville?” widen the lens. Run the numbers, yes—but also ask what kind of control you want, how long you’ll stay, and whether equity matters to your future. For many, those non-math answers are the tiebreakers that make the decision feel obvious.