The price to buy a home can become ever more cumbersome. Right now, Charleston’s housing market is about as steep as it has ever been and it could only take a turn for the worse, before it gets better.
The price of homes in the region is up around eight percent compared to this time last year, according the Charleston Metro Chamber of Commerce.
A recent CZB study found that homes in the North Central neighborhood of the upper peninsula appreciated between 30 and 75 percent more rapidly than prices on much of the Charleston peninsula between 2009 and 2014. “The key takeaway from the ‘czb’ report is that housing affordability in Charleston is a major issue for the future of the City,” the report states.
Next week, leaders locally and housing experts plan on discussing renting, buying, loans and the overall cost to live in a city drawing 43 people a day, according to the Charleston Metro Chamber of Commerce.
“Charleston has the tools to tackle the housing affordability issue, yet the political leaders, the stakeholders and the community, must act now before the opportunity is lost,” according to a news release sent to Live 5 News.
The rapid escalation in housing prices, if left unchecked, will alter the character of many of the neighborhoods on the peninsula pose a serious threat to peninsular housing access for residents in the middle income categories.
Live 5 News