South Carolina has had an increase in new homes over the past decade because of the growth of new industries in the state. However, the recession put a stop to many of the new homes being constructed as builders lost revenue and funding. The foreclosure rate in South Carolina began to rise and continued to grow as the economy and unemployment took their toll on people. On May 2, The Supreme Court of South Carolina issued an Administrative Order outlining new rules regarding foreclosures with the intent of helping homeowners through the loan modification process. Hopefully, this will decrease the amount of homes being foreclosed in South Carolina.
According to the U. S. Census, a home cost an average of $291,700 at the end of 2010 but by the end of March 2011, the cost of a new home in the United States had fallen to an average of $246,800. The average sales price for a home in South Carolina is $146,800, which is well below the national average. South Carolina has routinely had a lower cost of living than other states in the country; however, the recession, unemployment rate and the number of foreclosures may have more to do with the disparity than the cost of living.
In South Carolina, the average housing cost can be deceptive unless it is put into perspective. South Carolina has a wide variety of economic regions within the state as shown by the figures used by the United States Trustee’s office for determining the monthly housing allowance allowed when filing bankruptcy. South Carolina contains areas of concentrated commerce, historic regions, and sites of tourism and farming regions. South Carolina also has many areas that are poor due to the loss of the textile industry in South Carolina. Because of the disparity of incomes between the various regions, housing costs vary greatly within the state. For example, homes in Charleston County average $280,500 while homes in Darlington County average $90,500. The difference causing the average cost of a home in South Carolina to fall far below some areas and well above other areas in the state.
In the upstate of South Carolina, the average cost of a home is $148,200, which is very close to the state average. This price will easily afford a nice, three-bedroom, two-bathroom home depending on how close to the city of Greenville the home is located. The area of Greenville County will also determine the size of home that price will purchase because within the county itself are areas where home are much lower than in other areas of the county. The area in which a home is located determines the price of that home in South Carolina far more than the size of the home.
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