Housing costs are rising faster than incomes, putting greater financial stress on South Carolina families. More than 25 percent of homeowners and nearly 49 percent of renters spend more than 30 percent of their income on rent and mortgage payments, meeting the Department of Housing and Urban Development’s (HUD) definition of being “cost-burdened.” As of 2021, a basic two-bedroom apartment is unaffordable in 40 out of 46 counties.
Affordability is a challenge not limited to lower-income renters, but it is also impacting middle-income families, many of which would have been homeowners in the past but have been priced out by rising home prices. Where people can afford to live has ripple effects on a family’s health, educational outcomes, and job opportunities. Housing in communities with strong labor markets and good schools are in high demand. However, discriminatory practices in housing, including zoning, impact fees and density limits, is making the cost of housing unaffordable for many South Carolinians. It's also causing many families to look further out for housing they can afford, contributing to sprawl in our urban areas.
Barriers to housing affordability also are detrimental to our state, costing South Carolina $9.4 billion in 2019. A lack of housing to meet our state's needs will ultimately result in a slowing economy as businesses begin to look elsewhere to expand because their employees will be unable to find housing they can afford in South Carolina.
This session will discuss recent examples of discriminatory practices in South Carolina, along with success stories to improve access to affordable housing.
Speakers:
Learn more about monthly South Carolina Home Attainability Conference 2021 sessions and community partners by visiting southcarolinahousingforum.com.
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