Overview of housing affordability in upstate south carolina
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Overview Of Housing Affordability In Upstate South Carolina. Diane Eldridge September 16, 2003. Upstate Forever. Research Methods. U.S. Bureau of Census, 2000 Census Population and Housing Median Family Income Medial House Value Bureau of Labor Statistics, GSP MSA

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Overview Of Housing Affordability In Upstate South Carolina

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Overview of housing affordability in upstate south carolina

Overview Of Housing Affordability In Upstate South Carolina

Diane Eldridge

September 16, 2003

Upstate Forever


Research methods

Research Methods

  • U.S. Bureau of Census, 2000 Census Population and Housing

    • Median Family Income

    • Medial House Value

  • Bureau of Labor Statistics, GSP MSA

    • Salaries for Policeman, Firefighter, Teacher

    • National Consumer Expenditure Survey

  • National Low Income Housing Coalition

  • Ginnie Mae Mortgage Calculator

    • Loan Payment for FHA, VA and conventional loan

  • Multiple Listing Service


What is affordable housing

What Is “Affordable Housing”?

  • The term means different things to different people

    • Housing that they themselves are qualified to buy

    • Housing that someone can afford to buy from them

    • Housing for households with low- to moderate-incomes

    • Housing built with government assistance

    • Housing for poor people


Affordable housing programs also known as

Affordable Housing ProgramsAlso Known As

  • Workforce Housing

  • Housing for Heroes

  • Housing Opportunities


Official definition what makes housing affordable is the ratio of housing costs to household income

“Official” DefinitionWhat makes housing affordable is the ratio of housing costs to household income

30 Per Cent Test *

Housing is affordable when a household pays no more than 30 per cent of its total monthly income on:

  • Rent and utilities, or

  • Mortgage payment, insurance, taxes and utilities

  • Does not include down payment and closing costs


Cost of housing in upstate south carolina

Median-price house (2000)

Anderson County$ 88,200

Greenville County$111,800

Laurens County$ 74,800

Oconee County$ 97,500

Pickens County$ 96,100

Spartanburg County$ 91,100

Cost of Housing in Upstate South Carolina


Cost of housing in upstate south carolina1

FMR Rental Unit – Monthly Rent

Anderson,Greenville, Pickens, & Spartanburg Counties

0 BR $3541BR $4282 BR $4833BR $609 4BR $716

Laurens & Oconee Counties

0 BR $2871BR $3352 BR $4073BR $523 4BR $598

Insert map of Upstate six counties

Cost of Housing in Upstate South Carolina


Overview of housing affordability in upstate south carolina

Housing Cost as Percentage of Income Upstate South Carolina

17 per cent spend 30 per cent or more on housing


Upstate housing costs increasing faster than incomes

Upstate Housing Costs Increasing Faster Than Incomes

  • Anderson County+22.61%

  • Greenville County+22.99%

  • Laurens County+31.22%

  • Oconee County+31.85%

  • Pickens County+23.72%

  • Spartanburg County+25.73%


Anderson county

Median Family Income $44,229

Median House Value $88,200

Monthly House Payment $815 - $876

Conventional $815 VA $874  FHA $876

Monthly Fair Market Rent $354 - $716

0 BR $3541BR $4282 BR $4833BR $609 4BR $716

Anderson County


Greenville county

Median Family Income $ 50,332

Median House Value $111,800

Monthly House Payment $1,033 - $1,110

Conventional $1,033 VA $1,106  FHA $1,110

Monthly Fair Market Rent $354 - $716

0 BR $3541BR $4282 BR $4833BR $609 4BR $716

Greenville County


Laurens county

Median Family Income $39,739

Median House Value $74,800

Monthly House Payment $691 - $743

Conventional $691 VA $742  FHA $743

Monthly Fair Market Rent $287 - $598

0 BR $2871BR $3352 BR $4073BR $523 4BR $598

Laurens County


Oconee county

Median Family Income $43,047

Median House Value $97,500

Monthly House Payment $992 - $901

Conventional $901 VA $999  FHA $992

Monthly Fair Market Rent $287 - $598

0 BR $2871BR $3352 BR $4073BR $523 4BR $598

Oconee County


Pickens county

Median Family Income $44,507

Median House Value $96,100

Monthly House Payment $888 - $984

Conventional $888 VA $984  FHA $977

Monthly Fair Market Rent $354 - $716

0 BR $3541BR $4282 BR $4833BR $609 4BR $716

Pickens County


Spartanburg county

Median Family Income $45,349

Median House Value $91,100

Monthly House Payment $842 - $934

Conventional $842 VA $934  FHA $927

Monthly Fair Market Rent $354 - $716

0 BR $3541BR $4282 BR $4833BR $609 4BR $716

Spartanburg County


Upstate median income families

Upstate Median Income Families

  • Can afford median-priced house with an FHA, VA or conventional loan anywhere in Upstate if they can afford the down payment and closing costs

Above: Oconee County $88,900

Below: Spartanburg County $87,500


Families making 80 per cent of median

Anderson, Laurens

Can afford median-priced house with FHA, VA or conventional loan if they can afford down payment and closing costs

Pickens, Spartanburg

Can afford median-priced house with conventional loan if they can afford down payment and closing costs

Greenville, Oconee

Cannot afford median-priced house with FHA, VA or conventional loan

Families Making 80 Per Cent of Median

Greenville County $110,000


Upstate teachers 38 170

Can afford up to a four-bedroom rental unit at FMR

Can afford a median-priced house with a conventional loan (15 per cent down payment)

Upstate Teachers$38,170


Upstate police firefighters 31 590 26 780

Upstate Police & Firefighters($31,590 & $26,780)

  • Can afford up to a four-bedroom rental unit at FMR

  • Cannot afford a median-priced house with a FHA, VA or conventional loan


Families making 50 per cent of median

Families Making 50 Per Cent of Median

  • Cannot afford to purchase a median-priced house in the Upstate

  • Cannot afford a 4-bedroom rental unit at FMR in the Upstate

  • Cannot afford a 3-bedroom rental unit at FMR in Anderson, Laurens, Pickens, or Spartanburg Counties


Overview of housing affordability in upstate south carolina

Oconee County $29,500

Greenville County $56,900

Spartanburg County $71,500

Oconee County $126,900


Minimum wage worker

Minimum Wage Worker

  • Working 40 hours per week, cannot afford any size rental unit at FMR or a median priced house with FHA, VA or conventional loan


Overview of housing affordability in upstate south carolina

How Long Would a Minimum Wage Worker Have to Work to Afford a FMR Rental Unit in Upstate S.C.?

  • Laurens, Oconee

    • Rental Unit at FMR

      • Studio apartment46 hours/week

      • One bedroom53 hours/week

      • Two bedroom65 hours/week

      • Three bedroom83 hours/week

      • Four bedroom 95 hours/week

  • Anderson, Greenville, Pickens, Spartanburg

    • Rental Unit at FMR

      • Studio apartment62 hours/week

      • One bedroom75 hours/week

      • Two bedroom85 hours/week

      • Three bedroom 107 hours/week

      • Four bedroom 126 hours/week


Conference goals

Conference Goals

  • Perspectives from home builders, developers, bankers, planners, community leaders, representatives from local, regional, state, federal programs

  • Upstate housing costs and income levels

  • “Gaps”

  • Financing mechanisms

  • Local initiatives

  • National perspective

  • Barriers and incentives

  • Ideas from other communities

  • Local opportunities


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