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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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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 l.jpg

Housing in the Charleston Region:A 2007 Affordability AssessmentPreliminary Results


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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


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Analysis Included

  • Demographic Trends

  • Workforce trends – wages and commuting patterns

  • Rental housing trends

  • “For sale” housing market

  • New construction

  • Apartment to Condo conversion trends


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Housing AffordabilityBackground


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Housing Affordability(National Rankings of SE Communities)

Least Affordable

Most Affordable

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


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Median Priced Home

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


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Housing Affordability IndexCharleston MSA

Source: National Association of Home Builders


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Homes for Sale by Price Range

Source: Charleston Trident Association of Home Builders, MLS


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Trends by Area


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Population Growth Trends

Source: US Census


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Population Growth by Area 2000-2006

Source: US Census


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Residential Building Permits

Source: US Census


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Building Permits By Area

Source: US Census


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Dollar Value of Permits

Source: US Census


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Existing Home Sales

Source: Charleston Trident Association of Realtors


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Home Sales By Zip/Area

Source: Charleston Trident Association of Realtors


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Average Sales Price

Source: Charleston Trident Association of Realtors


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Where Affordable?


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Affordability in 2000(Aggressive Lender)


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Affordability in 2000(Conservative Lender)


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Affordability in 2006(Aggressive Lender)


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Affordability 2006(Conservative Lender)


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Apartment Rents(per square foot)

Charleston Apartment Index, Real Data, March 2007


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Apartment Rents By Area


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Employment Growth 2000-2006

Source: Bureau of Labor Statistics


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Job Growth 2000-2006

Source: Bureau of Labor Statistics


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Where Are the Jobs?

Source: Center for Business Research


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Observations

  • Population, Housing Growth

  • Housing Prices Outpacing Incomes

  • Workforce Housing Issue throughout Region

  • Direct Link between Growth, Congestion, Affordability


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Next Steps

  • Convene Technical Team:

    • Further Analyze Data

    • Examine Best Practices

    • Develop Recommendations

  • Final Report

    • Mid-October

  • Educate/Advocate


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