Report: Around $20 per hour needed to rent in South Carolina
NORTH MYRTLE BEACH, S.C. (WMBF) - A new report from the National Low Income Housing Coalition says if you rent a two-bedroom unit in South Carolina, you should be making around $20 per hour to make ends meet.
“If you don’t make $20 an hour, there’s no way you could afford rent on top of all the other living costs,” said Mary Jones, of Little River.
Andy Gonzalez is visiting Myrtle Beach with his family and was surprised the cost of living is more here than in his home state of Texas.
“That’s pretty crazy considering in down south it not nearly that expensive to live there,” he said.
The 2022 Out of Reach report states those making $19.30 per hour would be able to afford an average two-bedroom apartment in South Carolina. However, those making minimum wage, or $7.25 per hour, would need to work over 90 hours a week to get by.
In totality, South Carolina ranks as the 28th-highest housing wage in the country according to the study - with North Carolina not far behind at 29th.
There continues to be an issue with supply as demand outweighs the number of affordable and available units for rent.
“Rental rates have increased, again because of supply and demand. I think the market will correct that going forward when more inventory comes available for purchase or rent,” said Ron Jackson, CEO of Better Homes and Gardens Real Estate.
Jackson says this might be the time to buy rather than rent if you can find a home within your budget and price range.
“There is a variety of programs from the financing side that are available, which would probably surprise some folks,” he said. “There is a variety of ranges of credit scores, to on-time rent payments which can be considered for loan programs.”
He adds you should check with your local mortgage broker for the best deal for you.
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