Housing Attainability Fact Sheet

Page 1


“ WITH HOUSING AND RENT COSTS CONTINUING TO RISE AT A QUICKER RATE THAN WAGES, WE ARE APPROACHING CRISIS LEVEL WHEN IT COMES TO ATTAINABLE HOUSING. WE MUST WORK TOGETHER TO FIND SOLUTIONS THAT ALLOW OUR TEACHERS, NURSES, POLICE OFFICERS AND RECENT COLLEGE GRADS THE OPPORTUNITY TO LIVE CLOSE TO WORK.”

Melanie Stith Vice President of Human Resources Roper St. Francis Healthcare

THE CRISIS:

RENT - AND MORTGAGE - IS TOO DARN HIGH! The cost and availability of housing have become critical issues for regional employers and employees. These factors contribute to longer commute times and make employee retention increasingly more challenging. 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.


POPULATION GROWING STEADILY

The Charleston Metro Region is growing by 38 people per day

Top Five Markets where New Residents Arrived in 2017: 1. Columbia 2. Greenville / Spartanburg 3. New York City 4. Charlotte 5. Atlanta

POPULATION TRENDS / PROJECTION 1,200,000 Source: US Census, SC State Data Center 1,000,000 800,000 600,000 400,000 200,000 0 1970

1980

1990

2000

Steady 2.2% yearly average population growth

2010

2016

2020

2025

A million people projected in region by 2029

2030


HOUSING PRICES ON THE RISE Median Home Sales Prices Across the Region Exceed Pre-Recession Market Highs MEDIAN HOME SALES PRICE Charleston Lower Peninsula Charleston Upper Peninsula Goose Creek / Moncks Corner James Island / Johns Island Folly / Kiawah / Seabrook Islands Mount Pleasant Daniel Island North Charleston Summerville West Ashley

2006 2016

Charleston, SC Total MSA

2006 2016 $0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

Average Rent Up Region-Wide well above pre-recession levels AVERAGE MONTHLY APARTMENT RENT Charleston Peninsula Goose Creek / Moncks Corner James Island / Sea Islands Mount Pleasant / East Cooper North Charleston Summerville West Ashley

2006 2016

Charleston, SC Total MSA

2006 2016 $0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600


HOUSING SUPPLY NOT MEETING DEMAND RESIDENTIAL BUILDING PERMITS ISSUED 11,000 Source: US Census 10,000 9,000 8,000

7,500

7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

New HousING UNITS Needed per year t o k e e p up w it h p o p ul ation Growth

112,309 Total New Housing Units Needed Region-Wide Between 2015 and 2030

Nearly half of those homes should be priced for households earning $50,000 or less annually Meaning a sales price of $175,000 - $225,000 or an average monthly rent of roughly $1,200


HOUSING COSTS OUTPACING WAGES % OF HOMEOWNERS SPENDING 30%+ OF INCOME ON HOUSING Raleigh Greenville Austin Richmond Salt Lake City Nashville Jacksonville Seattle Charleston MSA 5%

10%

NEW HOUSEHOLDS BY INCOME LEVEL

20%

25%

30%

35%

TRANSPORTATION & HOUSING COSTS ow income residents L spend 71% of income

19% 33% 15%

19%

15%

Typical residents spend 57% of income

100%

0%

14%

48% of new households earn less than $50,000 Less than $20,000

$50,000 - $74,999

$20,000 - $34,999

$75,000+

$35,000 - $49,999

AVERAGE INCOME EXAMPLES Elementary School Teacher Licensed Practical Nurse Firefighter Chef / Head Cook

$46,870 $41,050 $34,970 $29,720


THE SOLUTION There is no silver bullet to solve our housing challenge. Public, private and non-profit entities will have to collaborate to build a policy framework and development climate that can deliver the housing options we need. If we speak with a united voice, the business community can bring attention to these issues and push collaboration forward more quickly. Below is a list of policy options that can be used to initiate further discussion among stakeholders.

POLICY OPTIONS Expand Development Opportunities • Make public land available for housing • Reuse abandoned property • Rezone for use and density Reduce Red Tape • Zoning that allows diverse housing types • Expedited permitting and review • Review/revise fees Take Advantage of Markets • Utilize TIFs for affordable housing • Create/expand trust funds • Voluntary, incentive-based inclusionary zoning Support Bond measures and explore other funding options


4500 Leeds Avenue, Suite 100 N. Charleston, SC 29405 843.577.2510 mail@charlestonchamber.org

www.charlestonchamber.org


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