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Real Estate and Housing

Consider cost, location, and long-term plans when deciding on housing. 

Student Housing Budget Tips

Keep housing costs manageable by considering options like living farther from campus or sharing housing with roommates. Financial Aid budgets $1650 per month for housing based on double occupancy. Staying within your student budget now can help you build financial habits that make it easier to avoid overspending once you are earning a professional salary.

Renting offers flexibility with predictable monthly payments while the landlord is responsible for maintenance and repairs. Buying provides long-term stability and the opportunity to build equity, but comes with greater financial responsibility, including repairs and maintenance. Most students rent while in school due to the flexibility it provides.  

Housing Made Simple

Mortgages are secured loans used to buy homes or real estate. Buying a home is a major investment, so it's crucial to understand the terms and process.

Budgeting for a Home

Aim to spend no more than 30% of your gross income on housing. Consider other financial obligations, like student loans and car payments.

Steps to Buy a Home

  1. Get Prequalified: Obtain a prequalification letter to show you're a serious buyer.
  2. Find Your Home: Use a realtor to navigate the buying process.
  3. Secure Your Mortgage: Choose from conventional FHA, physician, or VA loans based on your needs.
  4. Close on Your Home: Obtain an inspection to ensure the property is in good condition. Purchase title insurance to protect against ownership disputes and homeowner's insurance to protect your investment. 

Tips

  • Shop around for the best mortgage rates and terms.
  • Read and understand your loan terms before signing.
  • Homeownership is an exciting milestone. Research thoroughly and ask questions to navigate the process confidently.

MUSC students may self-enroll in our Brightspace Financial Literacy Course to learn more about the homebuying process. 

Financial Aid's budget allocates $1650 per month for double occupancy. This is your budget for housing. If you want to live alone, you may need to live off the peninsula to stay within budget. Consider roommates to decrease costs.

Types of Leases

  • Fixed-term lease: Typically one year, good if you plan to stay long-term
  • Month-to-month lease: Flexible, ideal for short stays or rotations
  • Subleasing: Allows a new tenant to take over your lease temporarily 

Tips

  • Obtain renter's insurance: The landlord's insurance does not cover the renter. It protects your belongs.
  • Understand lease terms: Know the fees, rules, and tenant responsibilities.
  • Determine payment: Ensure your rental agreement outlines rent, late fees, and security deposits. Always get a receipt for payments.

Housing is a major expense for students. Check out these tips to cut costs.

  1. Get a roommate(s): Share rent and utilities with a rommate or two.
  2. Live off the Charleston peninsula. Areas like West Ashley, James Island, North Charleston, and Mt. Pleasant can offer lower rents. MUSC students ride CARTA express for free.
  3. Consider rotation schedules: Plan ahead for rotations. Check with clinical placement staff for housing options, like SC Area Health Education Consortium for rural areas or short-term rentals through AirBnB or VRBO.
  4. Get creative: Rent a room in someone's home or rent out your extra bedroom to another students.
  5. Live like a student: Make budget friendly choices now to save on student loans later. Saving just $300 per month can significantly reduce student loan debt. 

Save Big, Cut Rent

Reducing Costs by $300/month Total Saved
 1 year $3,600
 2 years $7,200
 3 years $10,800
 4 years $14,400

Housing Resources

Off-Campus Housing

Explore rental listings and connect with potential roommates that can help you find a housing option that fits your budget and lifestyle. 

Lease Basics

Understanding your lease before signing can help you avoid surprises and make informed housing decisions.

Real Estate 101

Dive into the Financial Literacy Brightspace course to understand mortgages, lease agreements, and make informed housing decisions. 
Outdoor MUSC sign with black lettering on a white wall and small blue glass objects on top.

Contact the Office of Student Financial Literacy

MSC 203
Harper Student Center
45 Courtenay Dr, Fl 3
Charleston, SC 29425-8917

Hours of Operation: Monday-Friday, 8:00 am-4:30 pm

Phone: 843-792-7744

Email: financialliteracy@musc.edu

Book an Appointment