South Carolina had the second-highest rates of homeownership among Black and white buyers in 2023, and was a top-10 state for ownership among Hispanics and Asian-Americans, according to a report released Monday by the National Association of Realtors.
The national trend towards greater homeownership was also largest among African-Americans, with Black homeownership increasing by 0.6% from 2022, nationally.
But the gap between white and non-white ownership in South Carolina – as is the gap between affordability among renters – was wide.
Rates by race
In 2023, the homeownership rate for white South Carolinians was 80%, second to Delaware (81%) and tied with Mississippi.
Among Asian-Americans, the homeownership rate in the state was 70% (tied for sixth); among Hispanics, 58% (tied for seventh); and among African-Americans, 56%, which was second to Mississippi (58%) and tied with Delaware.
African-Americans also had the lowest homeowners insurance costs among the four racial groups in South Carolina in 2023 – $760, compared to $810 for Hispanics, $870 for whites, and $1,120 for Asian-Americans.
But despite an uptick in Black homeownership nationally, Black and Hispanic buyers still faced the majority of housing cost burdens in 2023 in most states, including South Carolina. According to the report, a quarter of Black and Hispanic buyers in South Carolina spent at least 30% of their household incomes on housing in 2023. That compares to 18% of Asian homeowners and 17% of white homeowners.
What about renters looking to buy?
First-time purchasing power among Black and Hispanic renters in the state was, following the national trend, also substantially lower than for white and Asian renters. According to the report, averaged out, the maximum Asian renters could pay for a home in 2023 was $314,950; white renters could afford $212,020.
Meanwhile, Hispanic renters could afford a home selling for $179,680 and Black renters could afford $134,830.
According to Redfin, the median sale price for a home in South Carolina in March, 2023, was $354,000.
According to the NAR report, 13% of Black renters could buy a typical home in South Carolina and Florida in 2023. That’s the lowest share in the South.
Meanwhile, 23% of Hispanic renters could afford a typical South Carolina home (middle of the pack, nationally); 31% of white renters (among the 10 highest rates in the U.S. and highest in the Southeast); and half of Asian buyers (highest rate in the South).
Nonwhite buyers also faced the highest denial rates for mortgages in the U.S. and especially in South Carolina. One in three Black buyers in the state were denied home purchase applications in 2023. That’s the second-highest rate nationally (tied with Mississippi and one percentage point behind Louisiana).
One in five Hispanic buyers were turned down in South Carolina, which also was the second-highest rate of denial in the U.S. (and also one percent lower than Louisiana and tied with Mississippi and New Mexico).
Twelve percent of white buyers and 10% of Asian buyers in the state were turned down in 2023. Both rates were middle-of-the-pack in the South overall.
