How Affordable is Real Estate in Greenville?

Greenville, SC, is an affordable place to live. The median home price rose about 10% (2020-2021) to about $280,000, while the U.S. median home price remains above $400,000. However, other factors are also involved in housing affordability other than just prices. Affordability can vary widely within markets, even within cities. The main affordability factors are housing costs (prices), income levels, and the number of buyers relative to listings. Greenville has an advantage because it's growing fast. This growth provides more employment opportunities than other large Southern metros like Atlanta, Dallas, or Charlotte. Job growth was at 4% between 2014 and 2017.

Relative Number of Buyers to That of House Listings

The growth in job opportunities attracts more homebuyers, which means that the supply of homes available must go up to meet the demand of potential buyers; for this reason, house prices are affordable. As a result, Greenville is one of the most affordable places to live in the United States due to low housing costs, strong income growth, and an expected bump in the supply of homes. Because of the combination of these factors, Greenville is very attractive to home buyers and renters. It remains affordable in the face of increased demand.

Good Prices for Houses

Greenville continues to remain a very affordable place for people to purchase a home. The median price of a new home is about half of the national average, and the cost of living is also lower. The unemployment rate in Greenville is more than 9% below the national average, and the workforce participation rate is higher, which means that more people are working here than in most other places. There are also many options for Greenville homebuyers looking for affordability, especially among new homes in the $200,000 to $300,000 price range.

Low Cost of Living

Greenville's cost of living is also relatively low, with a cost of living index in 2016 at approximately 88.5 versus the national average of 100. Consumer costs in Greenville are about 7% lower than the national average overall. For example, costs for housing and utilities are below the national average, while consumer expenditures on entertainment and transportation are above average.

Housing costs in Greenville are below the national average and among the lowest of any major Southeastern city. These low prices, combined with quality-of-life factors such as the safe neighborhoods and high-performing school system, result in housing affordability that ranks the city favorably against many other cities across the U.S.

The Sun Belt region is relatively affordable overall, with Florida offering homes that are less than half as expensive as those in California. In addition, lower worker compensation levels in manufacturing help to keep Greenville real estate prices in check.

Greenville has been ranked as one of the nation's "Top 50 Affordable Places to Live in the U.S." in 2016-17, according to the Business Insider. Greenville has also been rated the 4th most affordable housing market in the U.S. by WalletHub.

The above factors combine to make Greenville an affordable place to live. Available employment opportunities put more money in people’s pockets, enabling them to acquire homes. The competitive housing prices and the low cost of living make Greenville a dream place to buy real estate.

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