Page 28 - Florence County, SC Florence County 2032: Connecting Our Past, Defining Our Future

Existing County | Housing

Percent of Renters Paying More

46.7 than 30 Percent of Income in

Housing Costs

The median gross rent in Florence County, as of 2019, was $790. Just almost half of Florence County renters (46.7
percent) were paying more than 30 percent of their income in housing costs (a common indicator of housing
unaffordability). By comparison, 23 percent of owners with a mortgage met this same threshold of paying more
than 30 percent of their income toward housing costs. The table below indicates that for a Florence
County resident making the median household income, affording a home at the median home value may be within
reach, if supply is available. Early engagement discussions revealed that opportunities for home ownership, types
of housing available, and housing affordability are all concerns in Florence County. Housing affordability, and
rental housing affordability in particular, is an issue throughout the region and state. There is not much inventory
in this price range, if any, and townhomes are often for rent. Homes in this price point, whether attached or
detached, are not being developed anywhere in the region. Increasing constructions costs exacerbate this
problem. Florence County is certainly aware of these issues and continues to work on this index.

Minimum
Maximum Home Price
Median Household Affordable to Median Median Home Household Income
Income Value to Afford Median
Household Income
Priced Home
Florence County $50,082 $150,242 $134,300 $44,766

Florence County, SC | Comprehensive Plan pg. 27