Factors Fueling Greenville’s Growth

Greenville is fast becoming a magnet for real investors as everyone is rushing for a piece of the cake. Rentals have posed a significant threat to resales, particularly in Downtown Greenville, where new properties are quickly leased. Greenville has a relatively lower cost of living, a solid employment market, a pleasant market as well as an unrivaled overall quality of life. It is popular among residents because it combines a small-town Southern appeal with the big city glamour.

Greenville is roughly halfway between Georgia, Atlanta, and Charlotte, North Carolina. It is the sixth biggest city in the state, with approximately 525,000 people. It has a versatile economy, which helps to maintain the real estate and rental property demand strong.

The city’s appeal to real estate investors can be attributed to several factors.

Job Market

South Carolina's economy has rebounded strongly and has nearly recovered completely from the economic meltdown of 2008, with Greenville leading the way. Compared to the Columbia and Charleston industries, which focus mainly on services, Greenville's industry is manufacturing-based with a goods-intensive economy.

Some Employment Stats

• According to the Bureau of Labor Statistics, Greenville's unemployment rate has dropped to 3.7% as of August 2021. (BLS). 

• Greenville's population comprises about 88% of high school graduates or above, with over 31% holding a bachelor's or an advanced education.

• Biosciences, automotive, and data centers are some of the industries in Greenville, South Carolina.

• Some of Greenville's international and national firms include GE Power, Verizon Wireless, and KI Logistics.

Quality of Life

Greenville delivers big-city facilities to the locals and companies without the unnecessary traffic that accompanies the life of a big metropolis.

Quality-of-Life Stats:

• In general, the cost of living in Greenville is higher than the national average by 4%. However, utilities, transport, and healthcare cost less in this region.

• The top two hospitals in Greenville are Bon Secours St. Francis Health System and AnMed Health Medical Center.

• The U.S. News & World Report ranks Greenville as the 44th best place to retire and the 38th best location to live in the United States.

Population Growth

Greenville County has had rapid population growth, becoming the most populated country in South Carolina with over half a million people. Over the last decade, its population growth has been 21%, necessitating the building of apartments and condos in the city’s downtown area.

Greenville Population Figures

• One of the important categories that rental property investors look for is millennials, who make up 27% of the population in Greenville.

• Greenville has a population of over 71,000 people in the city and over 525,000 in the surrounding metropolitan area.

• Greenville has a per capita income of $31,966, with a median household income of $58,621.

• Greenville is the state's sixth-largest city in South Carolina and also has the state's third-largest urban area.

These are some of the facts and figures attracting property investors to Greenville. Many other factors are influencing Greenville's growth, but one thing remains clear, it is a haven for real estate investors.

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