Housing
Vacancy - 13.2%
The Charleston-Sumter, SC Market ranks 44th in Vacancy across STI Markets with a Vacancy rate of 13.2%. That is 80,001 Vacant Housing units compared to 527,607 Occupied units.
Average Home Value - $506,825
The Average Home Value for owner occupied housing units in the Charleston-Sumter, SC Market is $506,825. This ranks 35th across STI Markets. Over the last 2 years there has been a change of 19.6% in this markets Average Home Value, compared to a national change of 9.9%. This 2 year change in home values ranks 3rd across STI Markets.
Figure 55: Home Value 2year History
Mortgage Risk Level - Moderate
Mortgage Risk is defined as the ratio of recent residential loan amount to income for new home purchases. The Mortgage Risk for the Charleston-Sumter, SC Market is 3.3. The market subsequently ranks 47th across STI Markets. This is considered to be a Moderate level of mortgage risk.
Affordability Level - Costly
Overall Affordability can be classified in a similar fashion, comparing the Markets Average Home Value with the Average Household Income. This Affordability ratio currently sits at 5. The Charleston-Sumter, SC Market therefore earns the Costly classification for housing affordability and ranks 33rd across STI Markets. The following chart shows how markets compare between these two measure. Note the breaks between affordability classifications are 3, 5, and 7.
Figure 60: Affordability Comparision
