Charleston County was recently ranked the 15th-least-affordable county in the country for millennials to buy a home, according to lists released last week by RealtyTrac.
The real estate data company said Charleston residents spent about 31% of their median income on house payments in April. In comparison, the percentage for the most affordable place, Richmond County, Ga., was 10.5% and for the least affordable, San Francisco, was 78.3%.
Other factors taken into consideration for the rankings were work-related. RealtyTrac reports the unemployment rate in Charleston County was around 4% in April, 1.6% of residents used public transportation to go to work and 3.5% walked to their place of employment.
The top four most-affordable counties are in the South. Second to Richmond County, Ga., was Cumberland County, N.C., with a 13.1% rate of median income spent on house payments. DeKalb County, Ga., took the No. 3 spot, followed by Duval County, Fla., and Philadelphia County in Pennsylvania came in at No. 5.
Only counties with a population of 100,000 or more were included, and millennials, which are classified as being born between 1977 and 1992, had to account for at least 24% of the county’s total population. Counties that experienced a decrease in the total number of millennials from 2007 to 2013 were also excluded from the list.
Charleston was the only S.C. county included on RealtyTrac’s top 15 lists of the most and least affordable counties to buy and to rent.
Charleston Regional Business Journal