Fewer young adults buying homes as prices rise in Horry County

Grand Strand

HORRY COUNTY, S.C. (WBTW) — At the age of 34, Candace Ferguson became a homeowner, which is something some people that age may be struggling with as the prices of homes continue to rise in Horry County.

Friday was a big day for Ferguson and her two children Skyy and Samir.

“It feels great. It is a great accomplishment,” Ferguson said.

Chad Charles, assistant executive director for Habitat for Humanity in Horry County, said adults between the ages of 25 and 34 have been struggling to become homeowners.

“In the city limits of Myrtle Beach, that age group — 25 to 34 — the homeownership rate is dropping significantly every year,” Charles said. “That is increasing our rental rates so the percentage of our renters are going up. However, as the percentage of renters go up, so does the cost of burden and the severely cost burdened renters continue to go up.”

Charles said 55% of all renters in the city limits of Myrtle Beach are cost or severely cost burdened.

“The cost of housing in the City of Myrtle Beach is just going up the roof, just like it is all across the country. As that begins to happen, it makes it less affordable for the workforce and then that drives everybody to the rental side but those are also continuing to go up which drives the cost burden piece,” Charles said.

Jason Greene, executive director for Habitat for Humanity, said the organization wants to provide affordable housing especially for anyone who has been struggling to become a homeowner.

“Our core mission is to try to find affordable options for folks that are looking for homeownership,” Greene said.

Greene said the organization has seen a steady increase in the cost of housing in Horry County.

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