The Advocates: The Facts We Can't Ignore

People Moving Here > Current Housing

Housing attainability continues to remain a major concern for us. 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.

Charleston has ranked, yet again, the number one city in the U.S. to visit by Travel + Leisure’s World’s Best Awards. As tourists flock to the Holy City to experience amazing coastal living, delicious southern cuisine and historic Gullah culture, it fails to paint the picture that many locals are faced with – a crippling housing crisis.

The Facts We Can’t Ignore…

  • South Carolina has had the sixth highest increase in housing prices over the past year, according to John Styf, reporter for The Center Square news outlet.
  • 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. (Monthly Housing Indicator)
  • A recent publication by Freddie Mac indicates that homebuyers are going further to obtain the housing they want and, quite frankly, can afford. (In Pursuit of Affordable Housing: The Migration of Homebuyers within the U.S.—Before and After the Pandemic)

Renters, we see you…

Rental prices continue to increase as there remains a shortage of housing available for renters. Some of the average rental prices in the region’s areas are listed below:

Average Rent Price  Average Apartment Size by Sq.
Charleston $1,720*                                         966 sq. ft.
Summerville $1,358*                                      1,007 sq. ft.
North Charleston $1,399*                               971 sq. ft.
Goose Creek $1,413*                                     1,085 sq. ft.
Hanahan $1,356*                                           1035 sq. ft.
*1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage. (Rental Market Trends)

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.

Movements Forward

Regional Housing Coalition

As a result, from a series of vision labs, the Chamber hired me as the Executive Housing Fellow to form 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. The mission of the Regional Housing Coalition is to 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.

The inaugural meeting for the Coalition will be held next month. If you are interested in learning more about the Coalition and how you can be a part of this great group of individuals, please email me at clogan@charlestonchamber.org.

Developer’s Roundtable Discussion

Charleston County has been working diligently on the Housing our Future plan to address housing affordability in the County. They have spent the last seven months quantifying the need and engaging with community stakeholders to construct a framework for the plan. The next stage in this process is an effort to build an action plan to address those needs. The County is partnering with Development Strategies—a planning and community development firm that has helped several communities create and implement housing strategies—and BOUDREAUX—a planning and architecture firm based in Columbia, South Carolina—to lead the effort.

The Regional Housing Coalition will be partnering with the Housing and Neighborhood Revitalization Department from Charleston County to host a Developer’s Roundtable Discussion on housing in the community. On July 25 at 1:00 p.m., we invite housing developers to discuss specific aspects of the plan including zoning, gap financing and other issues relevant to housing development. This roundtable discussion will be held at the Chamber’s headquarters located at 4922 O’Hear Ave, Suite 101, North Charleston, SC 29405. Interested developers can RSVP by emailing me at clogan@charlestonchamber.org.

Craig Logan, Executive Fellow of Housing
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Government Relations

The Advocates: Salt Marsh Mitigation

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