For everyone who grew up in the Charleston metropolitan area and those who have moved into it, the high rate of growth in the region generates a combination of benefits and challenges. Economic growth is driving new jobs and revenue. The quality of our schools and municipal facilities are high and being enhanced. We all love the beauty, culture and wealth of activities in the region – not to mention the great food!
However, affordable housing and transportation are two key factors that are limiting growth in the region. Many people are moving into the beautiful new developments that continue to emerge in the outlying communities in the area. The houses are new, big and beautiful, with nice yards and available amenities. They typify the classic sprawl of bedroom communities that have become the norm throughout the United States in the last few decades. Houses in those areas also come with a hefty price tag. In most cases, they are far above the $273,038 median housing price in the locales within 15 miles of downtown Charleston (data sourced from UnitedStatesZipCodes.org). Unfortunately, as shown in the recent “Regional Economic Scorecard” issued by the Charleston Regional Development Alliance and the Charleston Metro Chamber of Commerce, affordable housing is on the decline
The population increases in our area in turn are increasing traffic congestion. This is the same pattern that has and is occurring in many US cities. Anecdotes from my family members in Seattle and Portland, as well as previously in Washington DC and Atlanta lament the same issues. Like Charleston they are geographically constrained by rivers, which exacerbate the traffic problems. In some cases, commute times are increasing to nearly an hour in duration, which affects quality of life for citizens and their families. (The fact that Charleston is behind in establishing sufficient public transportation is a topic for a future posting.)
Not everyone wants to, or can afford to, live under the combined conditions of expensive housing and long commutes. Healthcare workers, first responders and most people in services industries including restaurants and hotels are examples of people who want to live closer to their jobs. Moreover, many young couples do not want or need big houses, big yards, and the amenities of suburbia. They would prefer living not only closer to where they work, but also closer to their interests, such as hubs of activities with restaurants and social life that are easily accessible by short drives or even walking! This lifestyle is reminiscent of what is typical European cities, which exists for similar reasons.
Affordable housing is crucial for these segments of the population to achieve this quality of life. The cost of mortgages or rentals must align with people’s incomes. Therefore, a sufficient number of houses and condos must be available at price points affordable to people in the low- and middle-income ranges in our communities. At the same time, these properties must be nice! All of us want to live in dwellings of modern design with upgraded materials and components.
The need for affordable housing is increasingly recognized by the leaders of our local governments – it is one of four priorities in the Charleston County Consolidated Plan. As discussed by David Wren in a recent Post and Courier article, there are a number of affordable housing developments underway. Nevertheless, the number of units involved is far less than what is needed for our citizens in the region. Resolving this issue will require the combined effort and increased attention by municipalities and real estate investors of all types in our area.
Win Win Win Real Estate is fully committed to the goal of increasing the quantity and quality of affordable housing in the Charleston area. To that end, we will continue to explore the multiple dimensions of this issue. We look forward to continuing the dialogue and working with other organizations in the area with similar interests!