Charleston officials discussing the cost of peninsula living

VIDEO: Charleston officials discussing the cost of peninsula living

CHARLESTON, SC (WCSC) - If you have ever looked into renting or buying a home on the peninsula, you know it can tricky.

The price to buy a pad can become ever more cumbersome. Right now, Charleston's housing market is about as steep as it has ever been and it could only take a turn for the worse, before it gets better.

The price of homes in the region is up around eight percent compared to this time last year, according the Charleston Metro Chamber of Commerce.

A recent CZB study found that homes in the North Central neighborhood of the upper peninsula appreciated between 30 and 75 percent more rapidly than prices on much of the Charleston peninsula between 2009 and 2014. "The key takeaway from the 'czb' report is that housing affordability in Charleston is a major issue for the future of the City," the report states.  

On Monday, leaders locally and housing experts will dig into building affordable, workforce housing on the peninsula. They plan on discussing renting, buying, loans and the overall cost to live in a city drawing 43 people a day, according to the Charleston Metro Chamber of Commerce.

Organizers will also discuss a possible change in city policy to require more workforce housing, and adding a local community land trust.

"Charleston has the tools to tackle the housing affordability issue, yet the political leaders, the stakeholders and the community, must act now before the opportunity is lost," according to a news release sent to Live 5 News. 

 Organizers of the forum also will dig into gentrification in historic Charleston neighborhoods.

"The rapid escalation in housing prices, if left unchecked, will alter the character of many of the neighborhoods on the peninsula pose a serious threat to peninsular housing access for residents in the middle and lower-middle income categories," the statement reads. 
There are around four developments in the city that have workforce housing, but five more are expected to break ground on the peninsula in the coming years.
Those planning to attend are encouraged to bring cell phones to participate in interactive audience polls.

The meeting will take place at 6 p.m. at the Charleston Museum.

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