Why Invest in South Carolina?
Due to its rich cultural heritage, location near beaches and mountains, great weather and southern hospitality, it’s easy to see why many decide to invest in real estate in South Carolina.
While South Carolina has a relatively small population of almost 5 million people, the Palmetto State attracts an increasing number of retirees looking for a less stressful, slower pace of life. But if you’re looking to invest in growing cities powered by the tech industry and a highly educated workforce, you also have major cities such as Columbia, Greenville and Charleston to choose from. This combination of beautiful locations, coupled with a strong economy and talented workforce, can help maintain and increase the value of real estate investments for years to come.
Investment Considerations for South Carolina Real Estate
- Affordable for New Investors- The median single-family home value for a home in South Carolina is about $30,000 lower than the national average. This makes South Carolina a great option for new real estate investors who don’t have a ton of capital to invest since properties are more affordable than in many other parts of the country.
- Increasing Rental Demand- Being home to numerous organizations combined with top notch universities such as UNC Chapel Hill, N.C. State, and Duke University, North Carolina is a place with a large population of professionals and recent graduates. With the strong population growth and ample employment opportunities, the housing marketing and rental demand is constantly growing. This means real estate investors in North Carolina can find plenty of tenants who are employed and could afford to pay rent on time.
- South Carolina Is Great for Retirees- South Carolina’s beaches – including Folly Beach, Myrtle Beach, Hilton Head and Isle of Palms – are some of the most popular destinations in the state. They consistently attract tens of thousands of visitors from all over the country, year-round. With such a large influx of tourists and a growing demand for rental properties thanks to Airbnb, HomeAway and HouseTrip, real estate investments near the beach can more than pay for themselves on an annual basis.
- Business Friendly Climate- Due to its hospitality, strategic location in the Atlantic, and mild climate, South Carolina has attracted more than 1,200 international companies, with more on the way. Some of the largest employers in the state include BMW and Boeing, which have created thousands of new jobs and attracted some of the top talent in the country.
What are the Best Markets to Invest in South Carolina
Due to its business-friendly policies, Charleston has attracted many major international companies, including Boeing and Volvo, and Columbia is home to Scana Corp., which has substantially bolstered the local economies. Single-family homes are still affordable due to low interest rates, even though housing inventory is historically low.
Other cities with growing working-age populations, median income, and housing demand include Moncks Corner, Lake Wylie, Tega Cay, Hanahan and Sumter. Investors looking to invest in these locations should easily be able to find tenants. And with 46% of South Carolinians paying rent, opportunities are abound.
Getting Started in Real Estate Investing? HomeUnion® Can Help
HomeUnion® is the leader in residential real estate investment. With the use of big data and machine learning, we analyze information on millions of single family homes in South Carolina; and across the United States and calculate home values RENTestimate for every property in South Carolina. If you’re looking for the best investment properties across the country, visit our comprehensive investment site.