If you are looking for one of the best places to invest in real estate this year, or may want to live in a new place, you may turn your eyes to Charleston, South Carolina.
Thousands of people are coming in the city by a large number due to available jobs in the Lowcountry, says The Post and Courier. These people are looking for an affordable place to live in, amid the shortage of supply of housing.
In a Forbes report, online real estate service Trulia, which is based in San Francisco, ranked Charleston No. 2 on its Top 10 list of "Hot Real Estate Markets To Watch" in 2016. Each city was examined for affordability and strong job growth, plus other factors, including vacancy rates. Grand Rapids-Wyoming, Michicagan took the top spot.
List compiler and Trulia chief economist Ralph McLaughlin says in his review, "The Charleston, S.C., real estate market is hot (and we're not talking about the summertime temps!) - no doubt in part due to its ranking as the sixth-highest for job growth in the U.S."
He added, "There are lots of reasons why so many people love the Lowcountry. Charleston is a serious foodie destination, with 11 restaurants earning nominations for coveted James Beard Awards in 2015 alone, and the popular Charleston Wine + Food Festival, which will celebrate its 10th anniversary in 2016."
At the moment, The Post and Courier adds, there are two housing projects under development in Charleston area that would meet the demand for living spaces, the Armada Development of Summerville and the Waters at Magnolia Bay in Lincolnville. These developments would have less rental pricing and based on 80 percent of the median income of a family composed of four members in a five-mile radius.
John Gannt, Armada Development president says, "There is definitely a demand for workforce housing in the Charleston area."
