While Charleston ranks the number one city in the U.S. to visit by Travel + Leisure’s World’s Best Awards, it fails to paint the picture that many locals are faced with – a crippling housing crisis. With an estimated 89,600 families in the region spending more than 30 percent of their income on housing, there is a clear need for a regional effort and push to meet the needs.
We recognize that the cost and availability of housing isn't just affecting one group of people, it is impacting employers and employees of all different backgrounds and industry sectors. To accommodate projected growth and allow businesses to thrive, our region needs more housing supply, more choices, better proximity to transit and job centers, and more attainable options at every income level.
We know we have a long way to go before housing is accessible to all, but we will continue to keep it at the top of our priority list.
The Facts We Can't Ignore
Housing Facts:
- South Carolina has had the sixth highest increase in housing prices over the past year
- As of June 2022, homes for sale remain on the market for about 2 weeks, a change of -12.5% from July 2021
- Median sales prices increased from $355,000 to $420,000, a change of +18.3% from July 2021
- The Charleston Metro area has a housing stock supply for 16 days. A healthy market has a housing stock supply for 6 months
Rental prices continue to increase as there remains a shortage of housing available for renters. This is not alarming news for residents as the shortage of housing continues to be a critical need in our area. This does, however, raise the question of what can be done.
The Chamber is excited to have Craig Logan as our Housing Executive Fellow! In his role, he leads the Regional Housing Coalition in order to elevate the awareness of attainable housing needs throughout the region. He will also focus on increasing public knowledge around attainable housing, increasing supply of attainable housing across the region and increasing regional collaboration.
An estimated 33 people relocate here per day and the current housing supply cannot keep up with housing needs. The Housing Resource Guide, supported by TRUIST, serves as a summary of attainable housing policy to date. It includes policy recommendations, past studies, frequently asked questions, resources and updates by county about successful attainable housing policy in different regions.
Regional Housing Coalition Mission
Be a convener of community members, governments, for-profit businesses and non-profit organizations to unify
the region’s efforts to provide attainable housing to all people, regardless of neighborhood or individual characteristics.
Stemming from a series of vision labs, Craig Logan was chosen as the Executive Housing Fellow and to lead a Regional Housing Coalition. The Regional Housing Coalition is the first of its kind in the area, forming connections within the Tri-County to build a regional effort for attainable housing. The Coalition will be open to all who share interests in creating solutions for the housing crisis in our region.
If you are interested in making a difference in regional housing attainability, this Coalition is for you!