Real Estate and Housing
Shelter is a basic need. Housing needs can be met through renting or purchasing a home, condo, townhome or apartment. Costs, location, long-term plans are all factors that should be considered when deciding on housing.
How much should I pay on rent or a mortgage payment?
According to CNBC, the general rule is to spend 30% of your gross income. This includes rent or the mortgage payment, utilities, and insurance for housing. This is a ballpark range and can be adjusted. Remember that the type of housing you choose is a choice.
While you are on a student budget, live like you are a student. This may mean you live further away from campus to reduce rental rates or even share housing.
Location, location, location!
Location is what is most likely to drive the cost up or down. Deciding to live a block from campus may be convenient, but may cost you more in the long run. If you want to live close to campus, consider renting a room rather than an entire home or apartment.
Should I rent or buy?
Circumstances help to dictate whether a person should rent or buy. These circumstances change over a lifetime. There will be times when it makes more sense to rent where in other times it would be better to buy a home.
As students, renting is the most likely outcome during your time at MUSC. We are dedicated to helping you find affordable housing while you are a student here, but there may be sacrifices that need to be made to have more affordable housing. MUSC’s off-campus housing can help you navigate housing options, including available rentals and roommates.
Housing is a fixed expense yet being creative can help you reduce your housing costs.
Connect with the Office of Student Financial Literacy to discuss options for more affordable housing.