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Coastal South Carolina costs more than inland, RealtyTrac claims

If you live in South Carolina and by the beach, then you may not be surprised to hear that it's likely you've paid more for your home than others did. According to this report from Aug. 7, the monthly cost of median-priced homes in Horry County reportedly takes a higher percentage of median income than it has ever before within the last eight years. On top of that, the data is over six points over the historic average, RealtyTrac has shown.

So what does that mean? Previously, it only took, on average, 16.3 percent of a median income to make a monthly payment on a home in the county. Now, that has jumped to 30.6 up to 32.17 percent of a person's income, showing the real strain that can be placed on buyers in today's market.

The study with this information looked into home affordability. Twelve hundred counties were considered nationwide, and the final data proved that buyers in South Carolina's coastal areas have to reserve up to twice as much of their income for their mortgages, taxes and other insurance needs than those who are living inland do.

The most expensive counties to live in include Charleston County, where buyers typically need 35.1 percent of their incomes to pay for their mortgages, Georgetown County, where 30 percent of the income is needed on average, and Beaufort, where 26.6 percent is needed. This is all compared to inland counties like Spartanburg, where buys pay as little as 12.1 percent of their income into their housing needs.

Interestingly, federal guidelines state that up to 43 percent of a borrower's income should be used to pay for his home; although, of course, the lower the better. To help you know your options for buying or selling your home in this kind of market, you need to look into your legal choices. You may be able to have a long-term contract that could help keep your mortgage lower.

Source: Myrtle Beach Online, "Buyers must shell out more of their income to pay for a home in the Myrtle Beach area" Steve Jones, Aug. 07, 2014

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