Hilton Head Island-Bluffton and Myrtle Beach homeownership “well-above” US average
Since the COVID-19 pandemic began, the housing market took off, mortgage rates dropped and Americans all over the country decided to move to destinations they found either more appealing or budget-friendly. Many chose to move to places that pre-pandemic they would have only dreamt of traveling to for vacation.
Sound familiar?
Hilton Head Island has become a hot-spot for attracting family-friendly get-togethers, vacationers and nature enthusiasts who enjoy its beautiful, edifying environmental surroundings. So, unsurprisingly, the island’s sellers’ market boomed and continued in an upward trend for the past two years, bringing in more full and part-time residents, many of whom are homeowners.
“In the Hilton Head Island-Bluffton metro area, located in South Carolina, the population climbed from 216,764 in July 2020 to 222,072 in July 2021. The 2.4% increase ranks as the 18th highest among all U.S. metro areas,” according to Carolina Panorama from data compiled from the U.S. Census Bureau.
According to the same data, Myrtle beach also had a 3.7% population increase through the same duration.
What does this mean for homeownership in the area?
“Nationwide, the homeownership rate stands at 64.4%, according to the latest American Community Survey data from the U.S. Census Bureau. This rate varies substantially across the country, however, and in some major metropolitan areas, the homeownership rate is well above the national average,” according to 24/7 Wall St.
The Hilton Head Island-Bluffton area actually placed in the top U.S. cities for an increase in homeownership.
Ranked number 26 out of 50 cities in the country, the Hilton Head Island-Bluffton area managed to maintain a high ownership rate despite the higher home prices compared to other places in the U.S.
“In the Hilton Head Island-Bluffton metro area, located in South Carolina, the homeownership rate stands at 74.6%, well above the national average.”, stated 24/7 Wall St.
This percentage is more than 10% over the national homeownership rate.
The data used in the accumulation of the 50 cities, which also placed the local area as having a median household income of $67,723, was taken from five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey.
For the state of South Carolina as a whole, in addition to the Hilton Head-Bluffton metro area, Myrtle Beach was the only other city on the list and placed as number 17 in the country for their homeownership rate, which was calculated at 76%, with the median household income coming in at $53,832.
This story was originally published June 10, 2022 at 5:00 AM.
