Review CTAR’s Housing Study
As we have seen over the last decade, but especially in the last few years, home prices in the Charleston area have increased on a level that is out of reach for many residents. From January to June 2021 alone, listing prices rose 12.5% and average rents increased approximately 14%. The cost of housing overall has risen 43% in the last decade.
In 2019, it was estimated that over 76,000 households in our region are spending more than 30% of their budget on housing costs which classifies them as “housing cost burdened” and is not only a strain on those families that are impacted, it also hurts our economy by not providing disposable income for other wants and needs of the family.
For this reason, the Charleston Trident Association of Realtors® (CTAR) retained Anderson Economic Group to conduct a study of housing affordability and housing policy in the Charleston metro area. The purpose of this report is to identify promising housing policy proposals based on both their feasibility and their capacity to have a meaningful impact on housing affordability in the Charleston region.
The study process:
- Conduct an analysis of the Charleston metro area housing market
- Review a wide range of housing policy proposals and case studies
- Evaluate policy proposals in terms of their feasibility and potential impact on the region’s housing supply
The study analyzes current market conditions and works to identify policy solutions that could potentially address the housing challenges our region faces.
These local remedies could help relieve the stress the market is feeling. If we are able to create a stable environment, with smart solutions, it will allow us to develop and rehabilitate more market friendly housing options. CTAR looks forward to working with our local governments to implement these policy recommendations.
NAR Housing Study by the Rosen Group