The Need for Affordable Housing
Buying real estate has become more expensive nowadays compared to how homes were priced in the last decade.
Today, the median sales price of houses in the US is 326,400 according to census.gov, but that varies by state. For average Americans, one must save years to afford a downpayment. The cost to buy a home also increase depending on where you buy a home.
In the Upstate, real estate is relatively affordable if we are going to compare it nationally, yet not every household can afford it. The median home value in Greenville County is $195,500, while the median price of homes currently listed is $272,945 and the median price of homes that sold is $207,200. Home prices increase by the year and yet the pay for jobs are not keeping up with the increases. If you are making minimum wage in South Carolina, you’d have to work longer hours to afford housing.
There is indeed an affordable housing crisis in the state. In Greenville County alone, there is a shortage of housing units that are affordable to households earning less than $25,000 a year. Those who cannot afford to buy a home rent longer.
You can see the high demand for affordable housing when homes between $150,000 and $200,000 are generally sold in less than 20 days while the few homes that occasionally come on the market below $150,000 are typically sold in five days or less. There is really a shortage of homes under $200,000.
If wages don’t keep up with the increasing price of real estate, many home buyers may be unable to afford even a starter home.