625 Taylor St # A, Columbia, SC 29201

Home Attainability

Everyone Needs a Roof Over Their Head

Did you Know?

Proposed Lexington County zoning changes will add $50,000 to the cost of a home

Please feel free to share this video and the information on this site so we can work together to address the issues affecting our family, friends and neighbors.

THE ISSUE

Increases in  fees and regulations are further escalating home sale prices.  New restrictive zoning and regulatory costs will adversely effect every homeowner  and renter in Lexington County. Those fees already add over $31,000 to the cost of a newly built home in the $200,000 price range in Lexington County. The new zoning regulations being discussed will add an additional $50,000 to every house!  The higher the fees, the more expensive new homes become.

Since the onset of the pandemic, cities, counties and school districts, among other taxing agencies, have been raising fees – including impact fees – to allow construction of new homes, townhomes, condos and apartments. The rising fees – combined with skyrocketing construction material and labor costs – are pushing home prices to new heights. That cost places a huge burden on homebuyers, particularly in markets like Lexington County where a large segment of the population cannot afford to buy a home.

Lexington County must find solutions for the middle-income market to enable essential workers, who are vital to the local economy including teachers and emergency service workers, to be able to live where they work. If we continue to “price-out” a majority of our citizens, we will lose the economic and social vibrancy of our communities.

The HBA of South Carolina will continue to work with other groups and elected officials to find solutions to these expanding issues. Please review the studies and papers below to gain a broader view and scope of the issues. We hope you will work together with us to address the issues affecting our families, friends and neighbors.

It’s important that you contact your elected officials before the September 28th Public Hearing and tell them we need their support to help control home prices so more residents can enjoy the benefits of owning a home because “Your hard work deserves a home”.

WHY THIS MATTERS TO YOU

Affordability

Less than 40% percent of the Lexington County population can afford to buy a newly-built home right now, according to the recent U.S. Census.  Increasing housing regulatory fees will further raise home prices which will reduce the percentage of residents who can afford to buy a new home even further.  This problem adversely affects homeowners and renters alike.

Priced Out

Every time the price of a home is increased by $1,000, nearly 418 families in Lexington County are priced out of the market, according to the National Association of Home Builders.

Home Inventory

When newly-built homes are more attainable for families looking to move up, it helps to free up the resale of homes and increase the level of inventory of homes in the market. A healthy inventory of homes prevents home prices from skyrocketing as a result of fierce competition.

Home Prices

On a dollar basis, applied to the national average price of a new home ($397,300), regulation fees account for $93,870 of the final house price. Of this, $41,330 is due to regulation during development and $52,540 is due to regulation during construction, according to the National Association of Home Builders.

46%
Families unable to afford a $250,000 home

56.5 million households out of a total 122.9 million households are unable to afford a home priced at $250,000 and up.

16%
Portion of new home price for fees/taxes

Up to 16% of the price of a new construction home goes to government fees and taxes. Lexington County is considering new regulations that will add up to $50,000 more in fees and taxes.

63.1%
Households purchasing homes under $250,000

63.1% of all households purchase homes priced at $250,000 or less. New fees are pricing out the middle class.

A Harvard University’s Joint Center for Housing Studies states that about a third of U.S. households pay over 30 percent of their income for housing – and that over half of those households are renters.