CHARLESTON, SC (WCSC) - The country's fastest-growing rental marketplace issued a report card giving South Carolina an F when it comes to rent prices.
Apartment List found many renters are spending more than the recommended percentage of their income to keep a roof over their heads.
A 2-bedroom apartment in South Carolina has a median price of $880, up 6.9% from last year. Data show 52 percent of renters in our state are cost-burdened, spending more than 30% of their income on rent. Most financial experts recommend you spend no more than 25 to 30 percent of your gross income on rent alone.
Renters give our state a failing grade overall. South Carolina also received the lowest rating of any state in the U.S. from renters.
On the bright side, 75 percent of renters in South Carolina do intend to purchase a home.
To see the complete study on renting trends, go to https://www.apartmentlist.com/rentonomics/which-cities-and-states-have-the-most-cost-burdened-renters/.