Addressing the attainable housing challenges in our area doesn’t rely on just a single municipality. It’s something every city and town in our region can take steps toward solving.Attainable housing gives individuals and families the opportunity to own homes at prices within their financial reach. Access to attainable housing promotes stability by providing a secure and permanent place to live, which can positively impact education systems, economic development and foster a vibrant community. As housing prices in our region continue to climb, attainable housing is a challenge that will continue to grow if it’s only seen as impacting one town or one group of residents. It impacts everybody.
Charleston Trident Association of Realtors (CTAR) reported that housing in the Charleston Metro region increased from $600,000 to $635,000 (+5.8%) in the last year. These numbers increase even more in the Mount Pleasant area. CTAR’s local market update shows an increase in Upper Mount Pleasant of 33% with median sales prices changing from $750,000 to $999,900. Lower Mount Pleasant prices follow the same trend increasing +8.7% from $907,500 to $986,000. These numbers provide a valid argument that attainable housing is needed in the town.
Teachers, healthcare workers, firefighters, paramedics, police and hospitality workers serve as the backbone of the community, but many are not able to afford housing at the current prices. That’s where projects like Carolina Park Towns, in Mount Pleasant, can make a huge difference in the community. Carolina Park Towns could bring as many as 100 single family attached townhomes onto the market.
The project developers are the same group that brought Gregorie Ferry Towns to the Mount Pleasant community. Carolina Park Towns would have a deed restriction attached to the homes securing affordable housing for the next 75 years in the challenging Mount Pleasant housing market.
Developers have crossed the first hurdle, receiving an 8-1 recommendation to approve the project. Similar projects have helped meet the demand for workforce housing in the area supporting buyers earning between 80% to 150% of the area median income (AMI).
As the region continues to grow, we must remain steadfast in adding attainable units to address the housing demand. Charleston County’s Housing Our Future estimates that the county will need 29,000 to 36,000 units of housing over the coming decade. Twenty percent of the need should address buyers earning between 80% to 120% AMI and forty-five percent for buyers earning more than 120% of AMI.
The recent favorable recommendation for Carolina Park Towns reflects a positive step towards providing attainable housing, supporting the backbone of the community and ensuring a more inclusive and sustainable future for Mount Pleasant despite the challenging housing market dynamics.
This is just one example of what is taking place in our region to take on the attainable housing crisis. Other cities and towns have recognized this challenge and are moving in the right direction to find solutions. We are excited to continue working with these local governments in order to make our region a great place for everyone to live.
