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Affordable upstate
Greenville County making progress on monumental affordable housing deficit
If they follow conventional budgeting advice, two-thirds of the working residents in Greenville County – including new teachers in the public school system – should spend no more than $1,000 per month for rent.
But the median rent is $1,750 per month in Greenville, $1,695 in Taylors, $1,800 in Mauldin, and $1,495 in Spartanburg, according to recent data from Zillow online real estate marketplace.
“It's the best of times and the worst of times,” says Mario E. Brown, co-founder and principal of Affordable Upstate. “It's the best of times for folks relocating from other markets. They discovered my hometown, the place where we raise our kids and run our business.
“But it's the worst of times for folks who are here, who see the demand for apartments, the limited supply, and the high rents.”
Whether it’s 1969 federal legislation called the Brooke Amendment, pop-finance guru Dave Ramsey, or online tips from Chase personal banking … people are advised to spend no more than 25% to 30% of their income on housing.
This year the starting salary for a Greenville County Schools teacher with a bachelor’s degree is $47,738. So, the teacher’s rent should not exceed $995 per month (at 25% of annual income).
But teachers aren’t alone.
According to Affordable Upstate, most firefighters, auto mechanics, police officers and electricians in the area earn $54,000 or less per year. Administrative assistants and those who work in retail, food service or construction likely make less, closer to $27,000 per year.
All need housing at rents that mostly don’t exist.
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MISSION
Our mission is to modernize and preserve naturally occurring affordable housing in the Upstate of South Carolina by investing in communities that are as equally fulfilling for our residents as they are strategic for our investors.