The Charleston region is experiencing a severe housing crisis. With a population that is growing 3x faster than the U.S. average, the region's rising demand for housing with limited affordable options are preventing residents from finding homes within their budget, leading to high rates of displacement and homelessness. The affordability gap is widening as wages fail to keep pace with soaring rent and property prices, and the need for policy reform is more important now than ever.
In 2019 it was estimated that over 76,000 households in the Charleston region are spending more than 30% of their budget on housing costs. To better understand this statistic, CTAR retained Anderson Economic Group to conduct an analysis on the housing market in the Charleston metro area. The report proposed the following local policy solutions to alleviate the region’s strain on housing:
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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.