Charleston faces housing crisis as growth outpaces supply

In a recent government meeting, officials discussed the significant impact of rising housing costs on the Charleston metro area, highlighting a pressing need for affordable housing solutions. Over the past decade, the median family income in Charleston has surged by nearly 79%, driven largely by an influx of higher-income households. However, this growth has led to a net migration pattern where approximately 15,000 people move to the area annually, but around 35,000 leave, often seeking more affordable living options in outer regions.

The discussion underscored that housing costs are a major contributor to inflation, with housing accounting for 45% of the core Consumer Price Index (CPI). Currently, residents need to earn about $27 an hour to afford a median one-bedroom apartment in Charleston, a threshold that only a few professions, such as registered nurses, can meet. This disparity has resulted in a projected need for 32,000 affordable housing units by 2030, with a particular emphasis on units for those earning at or below 50% of the Area Median Income (AMI).

Officials warned that without prioritizing housing development, the city risks displacing lower-income residents as higher-income newcomers compete for limited housing. They emphasized that the region will continue to grow regardless of housing investments, leading to increased competition and potential displacement if new units are not constructed. Furthermore, a lack of housing development could exacerbate traffic congestion as more individuals commute into the city from surrounding areas.

The meeting concluded with a call to action for city leaders to invest in affordable housing, which would not only accommodate growth but also help distribute the tax burden more evenly across a larger population. This investment is seen as crucial for maintaining the character of Charleston while ensuring that local businesses can find employees and that the cost of living remains manageable for all residents.