Competitive housing market affecting upstate renters’ hopes of owning a home

GREENVILLE, South Carolina (FOX Carolina) – The booming housing market is not only impacting people buying and selling homes, but it’s now forcing renters to shell out more money, leaving them with little of hope of becoming an owner.

Renters say the biggest problem right now is their lack of options and what it costs them to live.

With the end of the moratorium and the 40-year inflation record, many are affected by a sharp increase in rents and overall expenses. On average, only around 43% of renters think they won’t be able to buy a home in the future, according to real estate research.

According to the Federal Reserve, rents are expected to rise 11.5% over the next 12 months. With this increase combined with Greenville’s popularity, many people are moving out of downtown Greenville to find cheaper living options.

The study shows that in the Greenville-Anderson metro area, the average price to rent a bedroom is just over $800. For a two bedroom, it’s over $1,000 and goes up from there.

The market doesn’t appear to be stopping anytime soon, with interest rates likely rising this spring, forcing renters to pay more and move away from the housing market.

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