Brian at SelfStorage prepared this article with some facts and figures about the Greenville area that I wanted to share with you.
According to the US Census, 2,946 people moved to Greenville between 2010 and 2014, moving the population from 59,306 to 62,252. That’s a growth rate of nearly 5%, which is higher than the national average, and indeed, CNN Money named Greenville one of the “Top 10 Fastest Growing Cities in the US.” There are plenty of reasons why people might decide to make a move to Greenville, South Carolina’s sixth largest city: the tree-lined streets, the gorgeous downtown with river rapids running through it, the easy access to nature, and the hometown feel. But the real driver of Greenville’s growth is something far more measureable: economics. Greenville combines job opportunities with a low cost of living, a very potent package.
An Affordable Cost of Living
US Census data tells us that the median home value in Greenville is $137,300, which is significantly lower than the average for cities of its size. And between 2009 and 2013, that value increased by 3.86%. That means that Greenville real estate is still a great investment, particularly for its affordability. And in terms of affordability, the median income in Greenville makes up 32.86% of the median home value. This means that housing is significantly more affordable in Greenville than it is in most other cities of this size, and median earners will have an easier time becoming homeowners. To put it one way, median earners earn the entire value of a median home in only three years of work. It’s not a surprise then that 69% of Greenville homes are owner occupied, a higher rate of home ownership than the national average.
Greenville is easy on renters, too. The median monthly rent in Greenville is a relatively low $718. However, as more people move to the area, that rate is rising: from 2005 to 2013, the median rent rose by 10%. Still, $718 a month is lower than it is in comparable cities, and it’s particularly cheap when we factor in the median income. Rent would only eat up 19% of a median earner’s paycheck in Greenville.
Even though Greenville is seeing a significant influx in residents, housing supply has mostly kept pace. Greenville’s housing occupancy rate was 87% according to the US Census’s most recent reports, which is 2% lower than the national average. That means that despite the population growth, Greenville isn’t seeing a supply crunch to the same degree that other cities in South Carolina are currently experiencing.
Good Job Prospects
Income prospects in Greenville are good for the area. The median income is $45,120, and grew by 1% from 2009 to 2013, even when other cities saw their median income fall. 2.7% of Greenville residents earn over $200,00 a year, meaning there’s a fair amount of wealth in the city. Greenville’s GDP as of 2013 was $32,841,000,000 in total, with a per capita GDP of $38,618. Greenville’s workforce is also generally well-educated: 28% of residents over the age of 18 have a high school diploma, 16% have a college degree, and 8% have a graduate or professional degree.
A number of Fortune 500 companies have significant offices in Greenville, including 3M, GE, and Lockheed Martin. Though historically a textile powerhouse, the city now has a strong base in manufacturing. More recently, Greenville’s industrial prowess has started to translate itself into information technology innovation, which brings with it high incomes, young talent, and an enviable ‘cool’ factor. The NEXT Innovation Center is one of the primary attractors of tech companies to the area, and is a major force propelling Greenville into the 21st century.
Moving to Greenville
Ok, so now like many others, you’ve decided to make a move to Greenville. According to Thumbtack.com, the average price of a move to Greenville is about $1,130. If you’re planning on using a self storage unit as part of your move, you can expect to pay about $80 a month in Greenville according to SelfStorage. In Charleston on the other hand, you can expect to pay $27 a month more – that means that moving to Greenville is relatively inexpensive.
Brian Shreckengast is a writer at SelfStorage.com