There are two groups currently flocking to Charleston, SC, leading to a major boom in the city’s population. While some cities see a boom in a single age group, Charleston is currently experiencing a population boost in both baby boomers and millennials. Older people are moving to Charleston because of the quality of life and the climate, while millennials are attracted to the area because of the growing economy.
What does that mean for you? Most baby boomers are looking to downsize. Now that their children have reached adulthood and moved out on their own, they no longer need three to four bedrooms and spacious living areas. Additionally, millennials who are often just getting a start in life are looking for smaller options with minimal costs. If you have a smaller home, the influx of these two age groups provides a great potential customer base if you want to sell.
While baby boomers are looking for a place to retire, the wave of younger people moving to Charleston is looking for jobs. Fortunately, Charleston has no shortage in that department. Home to a thriving tech scene, Charleston, SC experienced a 1.3% growth in jobs last year as median household incomes increased by roughly 6.2%. Major industries in Charleston include technology, automotive, aerospace, life sciences, logistics, and info tech.
While many cities are facing a decrease in jobs due to the ongoing pandemic, Charleston seems to be trending upward in employment opportunities.
Good For Renters
Even though rent has increased in Charleston, SC by roughly 9% over the last year, it’s still considered a good market for renters. 47% of homes in Charleston are occupied by renters, and 53% of those properties rent for between $1,001 and $1,500 per month. The pro-renter market is largely driven by the imbalance between the housing inventory and the demand for it.