Greenville City, SC, is a small dot on the national map that is now a thriving metropolis. It is in the foothills of the Blue Ridge Mountains. Companies like GE and Michelin are moving in and giving the town new life. The former textile powerhouse is now credited with its growth thanks to an influx of jobs. Additionally, a new culinary scene is being hosted downtown, which acts as the region's hub. So, the city is for those looking for a new job, retiring, and looking for activities and a new beginning. Read on for our full report about what is going on in Greenville City's real estate market!
Quick Facts
- South Carolina's Greenville County is home to the city of Greenville.
- Greenville has a poverty rate of 12.80% and a $92,204 average household income.
- In recent years, the median rent has been $1,364 per month, and the median home price is $300,000.
- Greenville's population has grown by 3.48% and is currently growing at a rate of 1.71% per year.
- It will rank as South Carolina's sixth-largest city in 2020, with a population of 73,182.
Greenville City, SC in a Nutshell
Greenville is for sure smaller compared to other cities. But it is still expanding. And those who want to move to Greenville are not alone. Americans are now relocating to states in the Southeast. These include Florida, Tennessee, and South Carolina, especially Greenville. Greenville is often rated as one of the best places to live in the country. It is famous for its revitalized downtown and prosperous business community. Plus, it has top-notch schools and plenty of recreational options. Additionally, the cost of living is affordable for all these wonderful things.
Economy
Predicting the economy is a dangerous game at any scale. But Greenville's mid-size economy has been strong. There are now offices for companies like Michelin, General Electric, and Lockheed Martin. And their presence has helped to increase employment rates. Additionally, Greenville has become more popular with families, artists, and businesspeople. Why? Because of its charm and proximity to other fantastic locations. The result of the population increase has been a booming economy. Big businesses, local stores, and eateries have contributed to this economic expansion. Experts predict that the labor market will expand by almost 40% over the next ten years.
Employment
Employment prospects remain an essential deciding factor for many in where to live. Let us start by stating that Greenville offers many employment options. Greenville functions as the "economic engine of South Carolina." As such, it is home to various businesses and industries with plenty of opportunities. Additionally, it has more corporate headquarters than any other area of South Carolina. The city has many Fortune 500 companies, such as GE, 3M, and Lockheed. Other employers include the federal government, Prisma Health, and Greenville County School District. Altogether, they rank among the largest employers in Greenville.
Real Estate in Greenville City, SC
On the bright side, Greenville is on the rise. But prices for real estate in this desirable area are still generally reasonable. Buyers can find a home they are happy with without making as many financial sacrifices. Housing costs are 22% less than the US average. The median home price in Greenville as of this posting is close to $300,000. Additionally, the monthly rent in Greenville for a one-bedroom apartment is $1,364. Given that most listings currently have many offers, the market is competitive. This is why working with a knowledgeable agent to help the home-buying process is crucial.
Real Estate Trends
Experts see that home prices will rise by 6%, and sales volumes will rise by 11%. These rates place Greenville among the country's top 10 hottest housing markets. The local housing market is thriving because it is affordable. Unfortunately, real estate in Greenville has become less affordable recently. But, it is still reasonable considering the city's history. That said, the real estate prices in the city do not burden Greenville's homeowners. They only devote roughly 10.4% of their income to mortgage payments each month. Investors adore Greenville for various reasons. These include the town's small-town atmosphere, low property taxes, and excellent climate.
Final Thoughts
Many people find moving to Greenville to be an excellent option for a variety of reasons. So it is understandable why this city has attracted so much attention in recent years. Well, there are plenty of fantastic opportunities for outdoor adventure and cultural events. Plus, residents get to enjoy the low cost of living and so much more. Greenville embodies all the qualities of the perfect place to live. It offers options for an exciting night out, a relaxing afternoon hike, or a safe city to raise a family.
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