Buying a home can be a good investment, but in some areas the cost discrepancy between renting a place and buying a place can be massive. RealtyTrac, a real-estate research firm, compiled data from 504 counties in large housing markets across the US. They found that in these markets the cost to rent, as a percentage of median wages, was lower than a monthly home payment about 42% of the time. (Excluding NY and CA markets entirely).
We've taken RealtyTrac's data and found the top 15 places you can save big by renting instead of buying.
Charleston County, SC has a big savings for renters over buyers and is #11 on the list with a difference in median income needed to rent instead of buy of 13.52%.