Housing Affordability in Columbia, SC
By general rule-of-thumb, housing costs should not exceed 30 percent of a household's total income. But in many cities across the country, families spend a sizable share of income on rent, mortgage payment, utilities and other housing-related expenses. As housing costs climb in some areas, wages have failed to keep pace.
The following table shows housing affordability in Columbia, SC. Monthly gross rent costs include contract rent and utility expenses. Homeowner costs take into account mortgages, home equity loans, real estate taxes, homeowners insurance, condo fees, mobile home costs and utilities.
Source: U.S. Census Bureau: 2010-2012 American Communities Survey Estimates