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Ladson 2nd-most affordable housing market in S.C., report says

Staff Report //July 5, 2018//

Ladson 2nd-most affordable housing market in S.C., report says

Staff Report //July 5, 2018//

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Ladson is the second-most affordable housing market in South Carolina, according to SmartAsset, dropping from the No. 1 spot last year.

To rate the markets, the financial technology company gathered five-year data on metropolitan areas with a population greater than 5,000, comparing closing costs, real estate taxes, homeowner’s insurance and mortgage rates relative to income. The report ranked Irmo as the state’s most affordable housing market for 2018, up from No. 4 last year.

Ladson's affordability index was 48.03, with a median income of $57,531. Average closing costs in the area were $2,588, annual property tax was $720, annual homeowner’s insurance was $1,196 and average annual mortgage payment was $6,007. Ladson ranked 259th nationally.

Four markets in the Upstate and three Midlands areas were ranked in the top 10 state markets. The final two were Belvedere in Edgefield County and Lake City in Florence County.

Charleston County was the least-affordable market in the state, the report found.