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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. 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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  1. Overview Of Housing Affordability In Upstate South Carolina Diane Eldridge September 16, 2003 Upstate Forever

  2. 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

  3. 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

  4. Affordable Housing ProgramsAlso Known As • Workforce Housing • Housing for Heroes • Housing Opportunities

  5. “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

  6. 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

  7. 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

  8. Housing Cost as Percentage of Income Upstate South Carolina 17 per cent spend 30 per cent or more on housing

  9. 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%

  10. 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

  11. 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

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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

  17. 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

  18. 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

  19. 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

  20. 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

  21. Oconee County $29,500 Greenville County $56,900 Spartanburg County $71,500 Oconee County $126,900

  22. 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

  23. 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 apartment 46 hours/week • One bedroom 53 hours/week • Two bedroom 65 hours/week • Three bedroom 83 hours/week • Four bedroom 95 hours/week • Anderson, Greenville, Pickens, Spartanburg • Rental Unit at FMR • Studio apartment 62 hours/week • One bedroom 75 hours/week • Two bedroom 85 hours/week • Three bedroom 107 hours/week • Four bedroom 126 hours/week

  24. 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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