Do I sell the big house and rent for a while, or buy again? If you are thinking about downsizing, that question probably keeps coming back around.
Last month, we looked at the hidden cost of waiting on mortgage rates. At the time, the average 30-year rate sat in the mid-6% range. In late September, it crossed 7%.¹ That changes the picture for anyone weighing renting vs. buying in a 55+ community, and it makes the cost of waiting to buy a home in Summerville worth a second look. Think of this article as the companion to math.
We start with five quick answers to the questions we hear most. Then we put renting and buying side by side in Cane Bay and Nexton.
TL;DR: Renting vs. Buying in Cane Bay & Nexton, Answered
Is it cheaper to rent or buy in a 55+ community in Summerville, SC?
Renting usually costs less each month. Buying builds equity over time, and a fixed mortgage payment holds steady while rent keeps climbing. Which comes out ahead depends on how long you plan to stay.
What does renting cost in Summerville right now?
The average rent in Summerville is $1,734 a month, up 3.47% from a year ago.² Larger homes cost more, and we show the three-bedroom numbers below.
What extra costs come with owning in a Del Webb or Four Seasons community?
Expect monthly HOA dues, and in some communities, a capital contribution and a transfer fee at closing. Amounts vary by community, so we break down the Del Webb numbers below.
Do 55+ buyers get property tax breaks in South Carolina?
Yes. Owner-occupied primary homes are assessed at a lower 4% rate, and homeowners 65 and older may qualify for an added homestead exemption.⁸⁹
Is it worth waiting for rates to drop?
Rates topped 7% in late September,¹ and no one can promise a drop. The cost of waiting to buy a home in Summerville includes the rent you keep paying, which we break down below.
What Renting Really Costs in Summerville Right Now
Let’s start with the rent side of the ledger. According to RentCafe, the average rent in Summerville, SC, was $1,734 a month at the end of August.² A one-bedroom averages $1,520, a two-bedroom $1,755, and a three-bedroom $2,124.² These are citywide averages, so what you would pay in a specific neighborhood may differ.
That average is up 3.47% from a year ago, when it sat at $1,676.² If that pace holds, the same home costs more every year you stay. Charleston runs higher still, at about $2,159 a month, or roughly $425 more than Summerville.²
Renting in Summerville has real appeal. You get flexibility, and when the water heater fails, it is someone else’s phone call. For a short stay, or while you decide where you want to land, that freedom has value.
The tradeoff is that the payment never stops and never builds equity. Every dollar goes to housing, and none of it comes back to you when you move on.
What Buying in Cane Bay & Nexton Costs Today
Now the other side of the ledger. According to Redfin, the median home in ZIP 29486, which covers Cane Bay and Nexton, sold for about $420,000 in the three months through July, down 2.4% from a year earlier.⁴ That includes every home type. For Del Webb homes for sale in the area, one recent MLS snapshot put the average sale price near $553,000, with Del Webb Cane Bay listings running from the $400s to the $600s.⁵ Del Webb Nexton prices tend to sit at or above that range, thanks to the shopping and dining next door.⁵ Compare all of our 55+ communities in Summerville to see the differences.
On a $450,000 home with 20% down, a 30-year fixed loan at today’s 7.03% rate comes to about $2,402 a month in principal and interest, before property taxes and insurance.¹
Then come the HOA fees. Dues run about $313 a month at Del Webb at Cane Bay and about $250 at Del Webb at Nexton, though some estimates for Nexton reach $330.⁵˒⁶ Buyers also pay a $120 annual capital contribution and a transfer fee of 0.5% of the purchase price at closing.⁵
Together, that is more than the $1,734 average rent each month, and it would be misleading to suggest otherwise.² The real question is what the higher payment does for you over time, which is where we go next. For a closer look at each area, see homes in Nexton and Cane Bay real estate.
| Data Point | Figure |
|---|---|
| 30-year fixed mortgage rate (week of Sept. 24, 2026) | 7.03%, up from 6.30% a year ago1 |
| Average rent in Summerville (as of Aug. 31, 2026) | $1,734 per month, up 3.47% year over year. 1 bedroom: $1,520. 2 bedroom: $1,755. 3 bedroom: $2,124.2 |
| Median home sale price in Summerville (Aug. 2026) | $381,747, up 7.5% year over year. Median 68 days on market.3 |
| Median home sale price in ZIP 29486, the Cane Bay and Nexton area (July 2026) | $419,850, down 2.4% year over year. Median 71 days on market.4 |
| Del Webb at Cane Bay and Del Webb at Nexton, homes for sale (MLS snapshot) | Average sale price $552,943. Average 81 days on market. Cane Bay listings run from the $400s to the $600s.5 |
| Monthly HOA dues and closing fees | Del Webb at Cane Bay: about 313.DelWebbatNexton:about250 (estimates run up to $330). Plus a $120 annual capital contribution and a transfer fee of 0.5% of the purchase price at closing.5,6 |
| Median net worth, homeowners vs. renters | $430,000 vs. $10,0007 |
| South Carolina property tax breaks | Owner-occupied primary residences are assessed at 4% (second homes and rentals at 6%).8,10 Homeowners age 65 and older may qualify for an additional $50,000 homestead exemption.9 |
The Math Most Renters Skip: A 10-Year Comparison
So, is it better to rent or buy after 55? The renting vs. buying math comes down to how each payment changes over time. Here is a side-by-side using the $450,000 home with 20% down, based on the above, and Summerville’s average rent.
| Cost Item | Renting | Buying |
|---|---|---|
| Monthly payment today | About $1,734 (Summerville average rent)2 | About $2,402 in principal and interest1, plus about $313 in HOA dues at Del Webb at Cane Bay5 |
| How it changes over time | Up 3.47% over the past year2 | Principal and interest stay fixed for the life of the loan. HOA dues, taxes, and insurance can change. |
| Equity after 10 years | None | About $50,900 of the loan paid off, plus your $90,000 down payment (before any change in home value) |
| Maintenance and HOA | Your landlord’s responsibility | Yours for the home itself. HOA dues cover community amenities.5 |
Estimates by The Martin Freeman Group using a standard 30-year amortization schedule. Inputs: 450,000price,20%down(90,000), $360,000 loan at 7.03% fixed. Mortgage figures are principal and interest only and exclude property taxes and insurance. Equity excludes any change in home value and the costs of selling.
Estimates by The Martin Freeman Group using a standard 30-year amortization schedule. Inputs: 450,000 price, 20%down ($90,000), $360,000 loan at 7.03% fixed. Mortgage figures are principal and interest only and exclude property taxes and insurance. Equity excludes any change in home value and the costs of selling.
The takeaway is that a fixed-rate payment holds steady while rent compounds. Summerville rents are up 3.47% over the past year,² while the principal and interest on a fixed-rate loan stays the same for the life of the loan. Taxes, insurance, and HOA dues can still change.
Equity is the other half of the picture. After ten years of payments on this example, about $50,900 of the loan is paid off. Together with your down payment, that is a stake of roughly $140,900 before any change in the home’s value.
The comparison is not perfectly even, though. Buying takes $90,000 up front, and a home’s value can move in either direction.
The wealth data points the same way, with a caveat. The typical U.S. homeowner has a net worth of about $430,000, compared with about $10,000 for the typical renter.⁷ That shows a correlation and does not prove that buying creates wealth, since age, income, and other factors play a role.
Buying is not right for everyone, and a short stay can favor renting. If you want these figures tailored to your situation, run the numbers on a specific home with our team.
Tax Breaks That Change the Math for 55+ Buyers
For 55+ buyers, SC property tax rules favor owners. The 4% legal residence assessment ratio applies only to a home you own and occupy as your primary residence, so renters and second-home owners do not get it.⁸˒¹⁰ Second homes are assessed at 6%.¹⁰
Homeowners 65 and older may also qualify for a $50,000 homestead exemption.⁹
Apply through your county auditor. Berkeley County, for example, sets the 4% deadline at the first penalty date, typically January 15.⁸ The state code calls for filing the homestead exemption before July 16 of the tax year.⁹
Compare South Carolina property tax rates by county, or walk through the math in Finding Your South Carolina Property Tax.
What Waiting Actually Costs (An Update to Our September Math)
When we looked at what a 1% rate drop really means, the average 30-year rate sat in the mid-6% range. On September 24, Freddie Mac put it at 7.03%, up from 6.30% a year ago.¹ Rates can move up as easily as down, so waiting for a drop is a bet.
Prices offer no clear signal either. Summerville’s median sale price is up 7.5% from a year ago, while ZIP 29486, which covers Cane Bay and Nexton, is down 2.4%.³˒⁴
The cost of waiting to buy a home in Summerville that you can count on is the rent. At the average of $1,734, a year of waiting adds up to about $20,800 in payments that build no equity.²
Renting is a legitimate choice if you have a firm short timeline or have not settled on a community. If you are asking, “Should I wait to buy a house?”, ask what you are waiting for and what the wait costs.
How to Decide: Questions to Ask Before You Choose
Every buyer who sits down with us gets the same questions. Consider it a 55+ buyer checklist for Summerville, especially when you are downsizing to a 55+ community.
How long do you plan to stay? A short timeline can favor renting, and a longer one gives equity time to build.
How does the sale of your current home fit? Its timing shapes your purchase options.
How much do you value maintenance-free living? Some buyers prize less upkeep and ready-made amenities.
What is your cash position after the down payment and closing costs? Leave room for moving expenses and a cushion.
Your answers change the math. Ready to see how yours add up? Talk through your numbers with our team.
Ready to Run Your Own Numbers?
Every household’s answer is different, and you deserve numbers built around yours. Contact The Martin Freeman Group today, and we will walk through a personalized rent-vs-buy comparison with you for Del Webb at Cane Bay, Del Webb at Nexton, Cresswind at the Ponds, or Four Seasons at the Lakes of Cane Bay. You will get clear answers from our team, whom clients describe as responsive at every step.
Not ready to talk yet? Explore all four 55+ communities in Summerville, SC, at your own pace.
Sources
- Freddie Mac, Mortgage Rates Average 7.03% (Sept. 24, 2026): https://www.globenewswire.com/news-release/2026/09/24/3368592/0/en/mortgage-rates-average-7-03.html
- RentCafe, Average Rent in Summerville, SC: https://www.rentcafe.com/average-rent-market-trends/us/sc/summerville/
- Redfin, Summerville Housing Market: https://www.redfin.com/city/17959/SC/Summerville/housing-market
- Redfin, 29486 Housing Market: https://www.redfin.com/zipcode/29486/housing-market
- James Schiller Team, Del Webb Communities in Charleston SC: https://jamesschiller.com/charleston-sc-real-estate/adult-active-55-communities/del-webb/
- Best55Plus, Del Webb Charleston at Nexton: https://best55plus.com/south-carolina/charleston-area/summerville/del-webb-charleston-at-nexton/
- Realtor.com via NAR, Homeowners Are 43 Times Wealthier Than Renters (June 2025): https://www.nar.realtor/newsroom/in-the-news/homeowners-are-43-times-wealthier-than-renters-realtor-com
- Berkeley County Government, Real Property FAQ: https://berkeleycountysc.gov/dept/realprop/faq_realprop/
- South Carolina Code of Laws, Section 12-37-250 (homestead exemption): https://www.scstatehouse.gov/code/t12c037.php
- South Carolina Code of Laws, Section 12-43-220 (assessment ratios): https://www.scstatehouse.gov/code/t12c043.php
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