South Carolina is attracting a steady stream of new residents. Its population grew more than 15% between 2000 and 2015, making the Palmetto State one of the fastest growing states in the country, and it shows no signs of slowing down. Attractions include the job market, quality schools, and affordable real estate. However, some areas are doing better than others. Let’s look at a few of the best locations in South Carolina to buy a property.
Five Forks
Five Forks is a suburb of Greenville, South Carolina. It has been growing at 4% a year since 2010 because of its affordable housing market. This has contributed to a homeownership rate of over 90 percent. The median home price is around a quarter of a million dollars. What puts it on our list is how affordable the homes are based on median household income. The average homeowner spends just under 20 percent of their median income on homeowner lists, the lowest proportional cost of home ownership of any city on our list. This is because the median household income is over $115,000 a year.
Myrtle Beach
Socastee is an unincorporated area near Myrtle Beach. Socastee residents spend about a third of their income on home ownership expenditures. However, these homes are a stone’s throw from Myrtle Beach and only cost around $150,000. That explains why they saw 13% population growth between 2010 and 2012. Tourism is coming to dominate the area as the Myrtle Beach metro area expands. Locals enjoy being close to beaches so beautiful that they attract millions of people a year.
Tega Cay
Tega Cay is a suburb of Charlotte but has a small-town feel. This city offers very low crime rates, a high median household income, and a mix of different cultures and income levels that allows everyone to feel at home here. Homeownership rates exceed 90 percent. And given the high rent charged for the few rental properties available, you’ll probably have to buy a Horry County SC home to live here.
Clemson
Clemson is home to Clemson University. The university provides a steady stream of tenants for local landlords, and it creates a vibrant cultural scene. A side benefit of all the students is that it has kept local rental rates low. In addition, around 58% of people in the area are renters, which makes Clemson a great place for rental property. On top of that are attractions like Fort Hill and South Carolina Botanical Garden. The city also has a laid back and festive atmosphere characteristic of most college towns around the country and keeps on developing to meet new demand.
Fort Mill
Fort Mill is the second Charlotte suburb on our list. It is both an affordable South Carolina housing market, and it is so close to the city center that it is perfect for those who commute to downtown. The average home comes in at just under $200,000. Median annual income is around $62,000, similar to the national average. Homeownership costs consume about a quarter of the average household’s income.
Lexington
Lexington is a suburb of Columbia. It puts you closer to nature, and the area is laced by walking and hiking trails. And if you get tired of the mountains, the seashore is only a two-hour drive away. What brings people here is affordable real estate. The average home costs only $180,000. The average homeowner spends just over a quarter of their income on home ownership costs.
Irmo
Irmo sits on the shore of Lake Murray. It is a north-western suburb of Columbia, South Carolina. You’d think that being both close to the state capital and the water would make it pricey. Actually, the average home costs around $125,000. You can buy a three-bedroom, two bath home for about $130,000. This helps explain why the homeownership rate is almost 80 percent and home ownership costs are just under a quarter of household income.
Mount Pleasant
There seems to be at least one Mount Pleasant everywhere you go in the country, but this is the most pleasant Mount Pleasant you’ll ever find. Mount Pleasant is located close to Sullivan’s Island and the Isle of Palms and allows for a wide variety of outdoor activities. While the prices for median homes there might seem steep at around $350,000, the area’s beautiful surroundings and exclusivity makes it a prime destination for people who want to relocate or retire to the state.
Seven Oaks
Right next to the state’s capital is Seven Oaks, a small suburb that could actually count as a small town with little over 16,000 inhabitants. But don’t think this little suburb isn’t in strife. There is a constant influx of new inhabitants, especially younger buyers, who are attracted to the affordable cost of living and how affordable properties are in the area. The area is very hot among renters as well, which makes it a great place if you wanted to invest in a rental property and generate a useful side income.
Charleston
Charleston is one of South Carolina’s most beautiful cities and has a real identity of its own. The architecture is a throwback to the antebellum days with pastel-painted houses and cobblestone streets. Charleston was first established as a port city and is right next to the beautiful South Carolina coastline.
While houses in the city can be on the expensive side, the area is very vibrant in terms of economic activity and the median income is relatively high, which makes it a great place to invest. Not only that, but Charleston remains one of the most popular cities in the state for transplants and offers tons of rental property opportunities as well. The city also attracts families because of its great school system and life quality.
Conclusion
South Carolina offers an ideal mix of high quality of life, good incomes, and affordable real estate. But out of the many different areas, these provide some of the best overall investment opportunities and value for residents.
