Nestled between the majestic Blue Ridge Mountains and the inviting Atlantic coastline, South Carolina boasts not only natural beauty and a rich history but also a growing commitment to providing its residents with a place to call home without the heavy burden of unattainable costs. Whether you’re a longtime resident or someone considering making South Carolina your new home, the Palmetto State Housing Study 2023: Supply and Demand Analysis is your first stop for understanding all things housing in South Carolina.
Much like the Charleston metro region, the state of South Carolina has seen expeditious growth outpacing that of the national average. Our state’s growth has mostly been attributed to in-migration from other states. As people continue to come to our state, our housing shortage continues to increase, especially for those with lower to moderate incomes. Here are some interesting facts from the Palmetto State Housing Study 2023: Supply and Demand Analysis.
- Approximately 90% of the state’s population lives in just 50% of the state’s 46 counties.
- In addition to population growth, the state is experiencing a demographic shift with its aging population. Since 2009, the median age in the state has increased by 2.4 years and the age gap between the median age in South Carolina and that of the U.S. has risen by 0.4 years.
- Since 2010, South Carolina’s population has increased by 14%, meaning we gained 650,000 new residents between 2010 and 2022. The United States growth was 7.7%. according to the U.S. Census Bureau.
- The number of homes sold in South Carolina for less than $100,000 has decreased by 14.8% each year since 2014.
- Approximately 50% of renting households and 25% of households with a mortgage are burdened by housing costs in South Carolina.
- Approximately 90% of South Carolina’s lower-income households, defined as those earning less than $35,000 annually, are estimated to be burdened by housing costs.
While we know the need is great in our region, the study suggests that the need is great across the state. Rental and home prices continue to rise. 24% of residents in the state spend more than $1,000 a month on rent or mortgage payments. Approximately 21% of survey respondents with incomes greater than $90,000 reported needing significant home repairs, compared to nearly 87% of respondents with incomes of less than $15,000.
State Recommendation Policies
The Palmetto State Housing Study 2023: Supply and Demand Analysis is completed with three policy recommendations:
- Create market-oriented tools such as down-payment assistance programs like the Palmetto Home Advantage Program.
- SC Housing’s Bond Mortgage program is accessible to a wider variety of borrowers and lenders, including community banks, credit unions, and mortgage brokers, making homeownership more accessible to more households.
- Continue to support SC Housing’s Trust Fund Home Repair and Supportive Housing Program, which provides funding for critical home repairs for low- and very-low-income homeowners.
I encourage you to read the entire Palmetto State Housing Study 2023: Supply and Demand Analysis. As we continue to advocate for attainable housing, your support is needed. Consider joining the Regional Housing Coalition, where our vision is to do what’s right and not what’s easy.
