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Home ownership rates drop for young adults between ages 25-34 as Horry County home prices rise – Florence, South Carolina

Florence, South Carolina 2021-06-11 21:46:40 –

Holly County, South Carolina (WBTW) — At the age of 34, Candice Ferguson became a homeowner. This may be struggling for people of this age as home prices continue to rise in Holly County.

Friday was a big day for Ferguson and her two children, Skyy and Samir.

“I feel good. It’s a great achievement,” Ferguson said.

Chad Charles, assistant executive director of Habitat for Humanity in Holly County, said adults between the ages of 25 and 34 are having a hard time becoming homeowners.

“In the city of Myrtle Beach, the home ownership rate for that age group (25-34 years old) is declining significantly each year,” says Charles. “It’s raising our rent, so our proportion of lessors is rising. But as the proportion of lessees goes up, so does the cost of the burden, and so does the number of lessees with heavy costs. continue.”

According to Charles, 55% of all renters in the city of Myrtle Beach are either expensive or burdensome.

“Myrtle Beach’s housing costs are climbing the roof, as they are across the country. When it starts to happen, it’s no longer affordable for the workforce, which drives everyone to the renters, but they. Will continue to rise again, which will move the cost-bearing part, “Charles said.

Jason Green, executive director of Habitat for Humanity, said the organization wants to offer affordable homes, especially for those who are struggling to become homeowners.

“Our core mission is to find affordable options for those looking for a home,” Green said.

According to Green, the organization is steadily increasing housing costs in Holly County.

Home ownership rates drop for young adults between ages 25-34 as Horry County home prices rise Source link Home ownership rates drop for young adults between ages 25-34 as Horry County home prices rise

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