housing in the charleston region a 2007 affordability assessment preliminary results
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Housing in the Charleston Region: A 2007 Affordability Assessment Preliminary Results

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Housing in the Charleston Region: A 2007 Affordability Assessment Preliminary Results Study Background & Purpose Sponsored by the Lowcountry Housing Trust and Charleston Metro Chamber of Commerce Research conducted by Center for Business Research

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study background purpose
Study Background & Purpose
  • Sponsored by the Lowcountry Housing Trust and Charleston Metro Chamber of Commerce
  • Research conducted by Center for Business Research
  • Purpose to examine trends by area, rather than focus on region as a whole
  • Final report will include recommendations
analysis included
Analysis Included
  • Demographic Trends
  • Workforce trends – wages and commuting patterns
  • Rental housing trends
  • “For sale” housing market
  • New construction
  • Apartment to Condo conversion trends
housing affordability national rankings of se communities
Housing Affordability(National Rankings of SE Communities)

Least Affordable

Most Affordable

Source: National Association of Home Builders, 2nd Quarter 2007

median priced home
Median Priced Home

Source: National Association of Home Builders, 2nd Quarter 2007

housing affordability index charleston msa
Housing Affordability IndexCharleston MSA

Source: National Association of Home Builders

homes for sale by price range
Homes for Sale by Price Range

Source: Charleston Trident Association of Home Builders, MLS

population growth trends
Population Growth Trends

Source: US Census

building permits by area
Building Permits By Area

Source: US Census

dollar value of permits
Dollar Value of Permits

Source: US Census

existing home sales
Existing Home Sales

Source: Charleston Trident Association of Realtors

home sales by zip area
Home Sales By Zip/Area

Source: Charleston Trident Association of Realtors

average sales price
Average Sales Price

Source: Charleston Trident Association of Realtors

apartment rents per square foot
Apartment Rents(per square foot)

Charleston Apartment Index, Real Data, March 2007

employment growth 2000 2006
Employment Growth 2000-2006

Source: Bureau of Labor Statistics

job growth 2000 2006
Job Growth 2000-2006

Source: Bureau of Labor Statistics

where are the jobs
Where Are the Jobs?

Source: Center for Business Research

observations
Observations
  • Population, Housing Growth
  • Housing Prices Outpacing Incomes
  • Workforce Housing Issue throughout Region
  • Direct Link between Growth, Congestion, Affordability
next steps
Next Steps
  • Convene Technical Team:
    • Further Analyze Data
    • Examine Best Practices
    • Develop Recommendations
  • Final Report
    • Mid-October
  • Educate/Advocate
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