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Housing in the Charleston Region: A 2007 Affordability Assessment Preliminary Results

Housing in the Charleston Region: A 2007 Affordability Assessment Preliminary Results Study Background & Purpose Sponsored by the Lowcountry Housing Trust and Charleston Metro Chamber of Commerce Research conducted by Center for Business Research

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Housing in the Charleston Region: A 2007 Affordability Assessment Preliminary Results

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  1. Housing in the Charleston Region:A 2007 Affordability AssessmentPreliminary Results

  2. Study Background & Purpose • Sponsored by the Lowcountry Housing Trust and Charleston Metro Chamber of Commerce • Research conducted by Center for Business Research • Purpose to examine trends by area, rather than focus on region as a whole • Final report will include recommendations

  3. Analysis Included • Demographic Trends • Workforce trends – wages and commuting patterns • Rental housing trends • “For sale” housing market • New construction • Apartment to Condo conversion trends

  4. Housing AffordabilityBackground

  5. Housing Affordability(National Rankings of SE Communities) Least Affordable Most Affordable Source: National Association of Home Builders, 2nd Quarter 2007

  6. Median Priced Home Source: National Association of Home Builders, 2nd Quarter 2007

  7. Housing Affordability IndexCharleston MSA Source: National Association of Home Builders

  8. Homes for Sale by Price Range Source: Charleston Trident Association of Home Builders, MLS

  9. Trends by Area

  10. Population Growth Trends Source: US Census

  11. Population Growth by Area 2000-2006 Source: US Census

  12. Residential Building Permits Source: US Census

  13. Building Permits By Area Source: US Census

  14. Dollar Value of Permits Source: US Census

  15. Existing Home Sales Source: Charleston Trident Association of Realtors

  16. Home Sales By Zip/Area Source: Charleston Trident Association of Realtors

  17. Average Sales Price Source: Charleston Trident Association of Realtors

  18. Where Affordable?

  19. Affordability in 2000(Aggressive Lender)

  20. Affordability in 2000(Conservative Lender)

  21. Affordability in 2006(Aggressive Lender)

  22. Affordability 2006(Conservative Lender)

  23. Apartment Rents(per square foot) Charleston Apartment Index, Real Data, March 2007

  24. Apartment Rents By Area

  25. Employment Growth 2000-2006 Source: Bureau of Labor Statistics

  26. Job Growth 2000-2006 Source: Bureau of Labor Statistics

  27. Where Are the Jobs? Source: Center for Business Research

  28. Observations • Population, Housing Growth • Housing Prices Outpacing Incomes • Workforce Housing Issue throughout Region • Direct Link between Growth, Congestion, Affordability

  29. Next Steps • Convene Technical Team: • Further Analyze Data • Examine Best Practices • Develop Recommendations • Final Report • Mid-October • Educate/Advocate

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