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Study: Irmo is S.C.’s most affordable housing market
Staff Report //July 5, 2018//
Listen to this articleA new study shows Irmo has the state’s most affordable housing market. Three Midlands areas were ranked in the top 10 state markets.
Financial technology company SmartAsset gathered data on closing costs, real estate taxes, homeowner’s insurance and mortgage rates relative to income.
Irmo ranked first overall in South Carolina and 116th in the country. Other Midlands markets in the state’s top 10 included Lugoff and Red Bank.
The study compared total costs for households in each of the four categories during a five-year period.
Irmo’s affordability index was 50.21, with a median income of $58,446. Average area closing costs were $2,546, annual property tax was $870, annual homeowner’s insurance was $1,137 and average annual mortgage payment was $5,711.
The study considered only those metropolitan areas with a population greater than 5,000.
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