COMPREHENSIVE HOUSING MARKET ANALYSIS
U.S. Department of Housing and Urban Development,
Oce of Policy Development and Research
As of November 1, 2020
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The COVID-19 pandemic has resulted in unprecedented large and rapid
changes in many data series, and similarly unprecedented large policy
responses, making analysis of, and longer run predictions for, the economy
and housing markets exceptionally difficult and uncertain. HUD will continue
to monitor market conditions in the HMA and provide an updated report/
addendum in the future.
Greenville, South Carolina
Executive Summary 2Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Executive Summary
Housing Market Area Description
The Greenville Housing Market Area (HMA) is coterminous
with the Greenville-Anderson-Mauldin, SC Metropolitan
Statistical Area (MSA), which is defined as Anderson,
Greenville, Laurens, and Pickens Counties in South Carolina.
The former textile manufacturing capital of the world is now
focused mainly on automotive manufacturing and home to
large manufacturers such as Michelin North America, Inc., and
Robert Bosch LLC. Clemson University, downtown Greenville,
and the natural scenery of upstate South Carolina attract
tourists and retirees from across the country.
Tools and Resources
Find interim updates for this metropolitan area, and select geographies nationally,
at PD&R’s Market-at-a-Glance tool.
Additional data for the HMA can be found in the supplemental tables of this report.
For information on HUD-supported activity in this area, see the Community Assessment Reporting Tool.
Executive Summary 3Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Market Qualifiers
As a result of the COVID-19 pandemic, the
economy in the Greenville HMA weakened
significantly during the past 12 months. Job
losses during the period occurred primarily in
the professional and business services and the
leisure and hospitality sectors, which accounted
for more than 70 percent of total jobs lost. The
unemployment rate reached a high near the
beginning of the pandemic—at 12.3 percent in
April 2020—but has since declined to 3.5 percent
in October 2020. Nonfarm payrolls are expected
to increase an average of 1.5 percent annually
during the 3-year forecast period, as economic
conditions continue to improve.
Sales housing market conditions in the Greenville
HMA are currently balanced, with an estimated
vacancy rate of 1.2 percent—down from
2.9 percent in April 2010. Recently, responses
to the COVID-19 pandemic have contributed to
a decrease in the supply of homes for sale. In
October 2020, a 2.5-month supply of homes were
for sale, compared with a 3.5-month supply a year
ago. During the next 3 years, demand is estimated
for 13,700 new homes. The 2,400 homes currently
under construction will meet a portion of the
demand during the first year of the forecast.
Overall rental housing market conditions in the
Greenville HMA are currently balanced, with an
estimated rental vacancy rate of 7.5 percent—
down from 11.4 percent in 2010, when the
market was soft. The apartment market is also
currently balanced, with vacancy rates during the
third quarter of 2020 averaging 4.3 percent—
unchanged from the same period a year ago.
During the 3-year forecast period, demand is
estimated for 5,350 additional rental units in the
HMA. The 2,300 units currently under construction
are expected to meet part of that demand during
the first year of the forecast.
Economy
Weak: Nonfarm payrolls declined by
12,600 jobs, or 2.9 percent, during
the 12 months ending October 2020.
Rental Market
Balanced: Apartment market
vacancy rates have remained
around 4.3 percent since 2018.
Sales Market
Balanced: The average existing
home sales price increased
7 percent during the 12 months
ending October 2020.
TABLE OF CONTENTS
Economic Conditions 4
Population and Households 10
Home Sales Market 13
Rental Market 17
Terminology Definitions and Notes 20
Notes: Total demand represents estimated production necessary to achieve a balanced market at the end of the forecast period. Units under
construction as of November 1, 2020. The forecast period is November 1, 2020, to November 1, 2023.
Source: Estimates by the analyst
3-Year Housing Demand Forecast
Sales Units Rental Units
Greenville HMA
Total Demand 13,700 5,350
Under Construction 2,400 2,300
Economic Conditions 4Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Economic Conditions
Largest Sector: Professional and
Business Services
Proximity to the BMW Manufacturing Co.,
LLC (BMW) production facility in the adjacent
Spartanburg, SC MSA has a large effect on
the economy in the Greenville HMA.
Primary Local Economic Factors
Since the 1990s, the Greenville HMA has
transitioned from being the textile manufacturing
capital of the world to a location known for
advanced manufacturing. A more diverse
manufacturing sector, with a focus on the
automobile industry, has replaced the textile
industry. The main cause of this shift toward
the automobile industry has been the growth of
the BMW production facility in the neighboring
Spartanburg, SC MSA. The growth of BMW since
2000 has prompted many tier-1 automotive
suppliers to move to the HMA and has promoted
the growth of major employers already in
the HMA, such as Michelin North America,
Inc. (Michelin) and Robert Bosch LLC (Bosch).
Professional and business services is the largest
sector in the HMA, at 17 percent of nonfarm
payroll jobs (Figure 1); the temporary-help services
industry typically accounts for the largest share
of jobs in this sector, at 33 percent in 2019.
Across the nation, approximately 85 percent of
temporary-help service production jobs are manufacturing-related and would otherwise be classified as
jobs in the manufacturing sector but are not because they are contracted through employment agencies
(Quarterly Census of Employment and Wages [QCEW], Bureau of Labor Statistics). MAU Workforce Solutions,
one of the largest temporary-help service production companies in the HMA, hires contractors for BMW,
Michelin, Bosch, and other manufacturers in the metropolitan area. The categorization of contractors in
the professional and business services sector is partly reflected in the American Community Survey (ACS)
data for the HMA, in which approximately 18 percent of respondents worked at a manufacturer and
10 percent worked at a company in the professional and business services sector (IPUMS USA 2019 1-year
ACS estimates)—a contrast to the sector distribution of jobs.
Mining, Logging, & Construction 5%
Manufacturing 14%
Wholesale 5%
Retail 11%
Transportation & Utilities 3%
Information 2%
Financial Activities 4%
Professional & Business Services 17%
Leisure & Hospitality 10%
Other Services 3%
Federal 1%
State 3%
Local 11%
Education
& Health
Services
12%
Education 2%
Health 10%
Government
15%
Trade 15%
Total
420.3
Notes: Total nonfarm payroll is in thousands. Percentages may not add to 100 percent due to rounding. Wholesale and Retail do not sum to the
Trade sector percentage due to rounding. Based on 12-month averages through October 2020.
Source: U.S. Bureau of Labor Statistics
Figure 1. Share of Nonfarm Payroll Jobs in the Greenville HMA, by Sector
Economic Conditions 5Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Name of Employer Nonfarm Payroll Sector Number of Employees
Prisma Health Education & Health Services 16,450
Clemson University Government 5,400
Michelin North America, Inc. Manufacturing 4,725
Bon Secours Health System, Inc. Education & Health Services 4,450
AnMed Health Education & Health Services 4,050
Duke Energy Corporation Transportation & Utilities 3,600
State of South Carolina Government 3,425
GE Power Manufacturing 3,400
ZF Transmissions Gray Court, LLC Manufacturing 2,500
Robert Bosch LLC Manufacturing 2,200
Table 1. Major Employers in the Greenville HMA
Note: Excludes local school districts.
Source: Upstate SC Alliance
The HMA has also become a popular retirement
destination, leading to fast growth in the leisure
and hospitality and the education and health
services sectors once the economy began
recovering from the Great Recession. Those
sectors increased by averages of 1,500 jobs
each—or 3.6 and 3.3 percent, respectively—
annually from 2013 through 2019, adding the
largest number of jobs after the professional
and business services sector. The education and
health services sector has grown almost every
year since 2000 and was the fastest growing
sector in the HMA, largely due to continued
expansions at Prisma Health—the largest
employer in the HMA (Table 1)—to keep up with
strong net in-migration and the aging population.
The government sector is the third largest sector
in the HMA and contains the second largest
employer, Clemson University. Since 2012,
Clemson University has averaged a 3-percent
annual enrollment increase and a 3-percent
increase in the number of employees (Clemson
University). The university currently employs
5,400 people and had a $1.3 billion operating
budget for the 2020–2021 academic year. The
Clemson Tigers football team has made it to the
College Football Playoffs every year since 2015,
helping drive leisure and hospitality growth and
tourism to the HMA.
Nonfarm Payroll Trends
Total nonfarm payrolls declined by an average
of 6,200 jobs, or 1.7 percent, annually from 2001
through 2003, as the recession during the early 2000s affected the already struggling manufacturing
sector, which declined by 5,100 jobs, or 7.1 percent, annually during that period. Despite the still-declining
manufacturing sector, total nonfarm payrolls increased by 4,600 jobs, or 1.3 percent, from 2004 to 2008,
led by the professional and business services sector, which increased by 1,900 jobs, or 3.6 percent,
annually. Nonfarm payrolls had just recovered from losses during the early 2000s when the effects of the
Great Recession of 2007–2009 pushed nonfarm payrolls in the HMA to their lowest levels since before
2000. From 2009 through 2010, nonfarm payrolls declined by an average of 12,100 jobs, or 3.2 percent,
annually. Manufacturing led the declines again, but the mining, logging, and construction sector declined
by 3,100 jobs, or 15.9 percent, making it the fastest declining sector, as housing and other construction
came to a standstill.
The economy began recovering in 2011, and total nonfarm payrolls grew every year from 2011 through
2018, increasing by an average 9,200 jobs, or 2.4 percent, annually, with growth in each sector. During
that period, the recovery of jobs in the manufacturing sector helped nonfarm payrolls surpass the 2008
high. Professional and business services was the fastest growing sector and added the most jobs,
increasing by an average 3.5 percent, or 2,200 jobs, annually from 2011 through 2018; that increase was
due to growth in the manufacturing sector and expansions and the additions of several call centers and
headquarters. Growth in the manufacturing sector slowed significantly in 2018, as the United States began
Economic Conditions 6Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
National Recession Nonfarm Payrolls
345
360
375
390
405
420
435
Oct-00
Oct-01
Oct-02
Oct-03
Oct-04
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
Oct-20
Nonfarm Payrolls (in Thousands)
Note: 12-month moving average.
Sources: U.S. Bureau of Labor Statistics; National Bureau of Economic Research
Figure 2. 12-Month Average Nonfarm Payrolls in the Greenville HMA
Table 2. 12-Month Average Nonfarm Payroll Jobs (1,000s) in the Greenville HMA, by Sector
12 Months Ending
October 2019
12 Months Ending
October 2020
Absolute Change Percentage Change
Total Nonfarm Payroll Jobs 432.9 420.3 -12.6 -2.9
Goods-Producing Sectors 77.1 76.3 -0.8 -1.0
Mining, Logging, & Construction 19.1 19.3 0.2 1.0
Manufacturing 58.0 57.0 -1.0 -1.7
Service-Providing Sectors 355.8 344.0 -11.8 -3.3
Wholesale & Retail Trade 64.9 65.0 0.1 0.2
Transportation & Utilities 12.8 12.8 0.0 0.0
Information 6.8 6.4 -0.4 -5.9
Financial Activities 19.3 18.8 -0.5 -2.6
Professional & Business Services 75.1 71.0 -4.1 -5.5
Education & Health Services 52.3 51.5 -0.8 -1.5
Leisure & Hospitality 46.9 42.0 -4.9 -10.4
Other Services 14.9 14.2 -0.7 -4.7
Government 62.9 62.4 -0.5 -0.8
Notes: Based on 12-month averages through October 2019 and October 2020. Numbers may not add to totals due to rounding. Data are in thousands.
Source: U.S. Bureau of Labor Statistics
imposing tariffs on goods that manufacturing
suppliers and producers use and sell, such as
steel, aluminum, electronics, and appliances.
Bosch, Electrolux AB, and other manufacturing
companies applied for exemption from the
tariffs that affected them, but exemptions were
generally denied (Office of the United States Trade
Representative). Nonfarm payroll growth was
accelerating—increasing by 11,400 jobs,
or 2.7 percent, in 2018—but during 2019, growth
slowed to 1.2 percent, with the addition of only
5,200 jobs. Manufacturing jobs began declining
from several rounds of tariffs and retaliatory
tariffs, increasing producer costs and reducing
manufacturing employment around the country
(Federal Reserve Board). Investment into the
HMA also fell—from $3.69 billion to $2.37 billion—
from 2017 through 2018, as companies delayed
projects due to uncertainty surrounding the tariffs
(Upstate SC Alliance).
Current Conditions—
Nonfarm Payrolls
During the 12 months ending October 2020, total
nonfarm payrolls decreased by 12,600 jobs, or
2.9 percent (Figure 2). Declines in the leisure and
hospitality and the professional business and
services sectors made up 71 percent of those job
losses (Table 2), mostly due to COVID-19-related
restrictions. During the 12 months ending October
2020, the leisure and hospitality sector declined
by 4,900 jobs, or 10.4 percent. Countermeasures
to slow the spread of COVID-19
did not include
Economic Conditions 7Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Manufacturing
Before the national recession in 2001 and the concurrent decline in manufacturing jobs across the nation,
the number of jobs in the manufacturing sector in the HMA had been slowly declining since 1990. The
recession in 2001 exacerbated the decline in textile and textile-related product manufacturing. From
2002 through 2004, textile and textile-related manufacturing jobs declined by an average 2,100 jobs,
or 15.2 percent, annually and accounted for nearly one-half of the manufacturing sector decline during
Economic Sectors of Significance
Note: Based on the 12-month moving average.
Source: U.S. Bureau of Labor Statistics
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
Oct-00
Oct-01
Oct-02
Oct-03
Oct-04
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
Oct-20
Unemployment Rate (%)
Greenville HMA Nation
Figure 3. 12-Month Average Unemployment Rate in the Greenville HMA and the Nation
restrictions on restaurants until August 2020,
when the allowed capacity for restaurants became
limited. On October 2, 2020,
restrictions were
eased and restaurants could open
at full capacity,
however limitations on in-restaurant alcohol sales
remained. Since August 2020, entertainment
venues have been required to reduce capacity to
50 percent, or a maximum of 250 people. Those
restrictions, combined with a general reduction in
consumer spending on leisure and entertainment,
have slowed recovery in the leisure and hospitality
sector, averaging 4.5-percent monthly growth from
July through August 2020 and 0.7 percent from
September through October 2020. The professional
and business services sector also declined
significantly during the past 12 months due to layoffs
from companies such as MAU Workforce Solutions,
which laid off roughly 1,425 workers who were
contracted out to BMW in March and April 2020.
During the 12 months ending October 2020, the
professional and business services sector declined
by 4,100 jobs, or 5.5 percent. The manufacturing
sector declined by 1,000 jobs, or 1.7 percent, during
the 12 months ending October 2020, but during the
3 months ending October 2020, the sector grew by
200 jobs, or 0.3 percent, from a year ago. Payrolls
in the retail trade subsector suffered a relatively
small decline relative to the nation; payrolls
declined by 200 jobs, or 0.4 percent, during the
12 months ending October 2020, compared with
a 4.2-percent decline in the nation, as business
restrictions to slow the spread of COVID-19 were
not generally applied to retail stores in the HMA.
Current Conditions—Unemployment
The unemployment rate averaged 5.6 percent during the 12 months ending October 2020—up from 2.7 percent
during the previous 12 months (Figure 3). During April 2020, the unemployment rate rose to 12.3 percent
from 2.7 percent during March 2020 and surpassed the 12-month peak of 10.9 percent during mid-2010. The
unemployment rate has declined every month since April 2020, as restrictions to slow the spread of COVID-19
eased. The unemployment rate declined to 3.5 percent in October, compared with 6.6 percent for the nation.
Economic Conditions 8Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
that period. During the 2001-through-2009 period, the manufacturing sector
contracted in tandem with national trends, averaging 3,000 jobs lost, or
4.7 percent, annually. Larger companies in the HMA began moving production
overseas to save on labor costs. The appliance maker Electrolux laid off
approximately 3,000 workers in 2005 and moved production abroad. By
2011, manufacturing sector growth had shifted toward the automotive sector,
which had been heavily influenced by the constant investment of BMW in the
neighboring Spartanburg, SC MSA automobile production plant. The plant,
which operates in the city of Greer, increased employment from approximately
2,000 workers when the plant was fully operational in the early 2000s to 11,000
workers in 2019, which led to dozens of automotive suppliers moving to the
HMA to be closer to the BMW production facility. In addition, the Greenville-
Spartanburg International Airport and Inland Port Greer made the HMA an
attractive location for automotive suppliers because of lower transportation
costs. The growth of the BMW plant led the transportation equipment
manufacturing industry to increase by an average of 270 jobs, or 3.5 percent,
annually from 2011 through 2019. Suppliers to BMW make up some of the largest
companies in the HMA, including Michelin and ZF Transmissions Gray Court,
LLC, the latter of which opened in 2013. Despite the deep job losses during the
late 2000s and the above-mentioned overlap between the manufacturing and
professional and business services sectors, the manufacturing sector increased
by an average of 1,100 jobs, or 2.1 percent, annually from 2011 through 2019 and
was responsible for 12.5 percent of overall job growth during the period.
Professional and Business Services
The professional and business services sector is the largest sector in the
HMA. The sector added the most jobs from 2001 through 2019, increasing
by 1,400 jobs, or 2.3 percent, annually, making it the second fastest growing
sector in the HMA. More than one-half of the growth during that period came
from the employment services industry, which increased by 725 jobs, or
4.2 percent, annually from 2002 through 2019 and more than doubling in size.
The employment services industry is largely made up of temporary jobs, which
often are the first jobs to decline during recessionary periods and the first jobs
to recover after a recession ends. During the Great Recession, the professional
and business services sector lost the most jobs, declining by 7,000 jobs, or
12.2 percent, during 2009, and the employment services industry declined
by 2,550 jobs, or 15.1 percent. By 2011, professional and business services
was one of only two sectors that had recovered job losses, but total nonfarm
payrolls did not completely recover until early 2014. From 2012 through 2019,
the professional and business services sector added the most jobs of any
sector, increasing by an average 1,800 jobs, or 2.6 percent, annually.
Several well-known companies in the professional and business services
sector have offices in the Greenville HMA, including Michelin, Verizon
Communications Inc, and GE Power. In addition, several customer-support
call centers for larger employers—such as Alorica Inc. (owned by Samsung
Electronics Co., Ltd.); Toronto Dominion Bank (TD Bank); and Verizon
Communications Inc
—contribute jobs to the professional and business
services sector.
Education and Health Services
Prisma Health—formerly known as Greenville Health System before merging
with Palmetto Health in 2019 under the new Prisma Health brand name—is the
largest employer in the HMA, with approximately 16,450 workers. Prisma Health
has consistently expanded since 2010, increasing employment by an average
of 670 employees, or 5 percent, annually. The popularity of the HMA as a
retirement destination has been the main contributor to growth in the healthcare
and social assistance industry, which has increased every year by an average
of 1,100 jobs, or 3.7 percent, from 2000 through 2019—nearly doubling in size.
From 2001 through 2008, the education and health services sector added the
most jobs of any sector in the HMA, increasing by an average of 1,300 jobs,
or 4.1 percent, annually. During the Great Recession, the education and health
services sector was the only sector to add jobs during 2009, increasing by
500 jobs, or 1.3 percent. Growth slowed slightly after that recession compared
with the previous decade, but the healthcare and social assistance industry
still added an average of 1,150 jobs, or 3.3 percent, annually from 2010 through
2018. During 2019, the industry added only 400 jobs, or 1.0 percent.
Economic Conditions 9Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Employment Forecast
During the forecast period, nonfarm payrolls are expected to increase an
average of 1.5 percent annually. Total nonfarm payrolls at the end of the first
year of the forecast period are expected to return to pre-pandemic levels. In
2020, announcements of new companies or expansions in the HMA amounted
to more than 1,800 jobs expected to be added during the forecast period.
Techtronic Industries Co. Ltd., a Hong Kong-based power tool manufacturer,
is expanding facilities and creating 525 jobs by the fourth quarter of
2022. Majorel Group Luxembourg S.A., a customer service company,
completed its new call center in August 2020 and is expected to hire
500 workers by 2021.
Population and Households 10Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Population and
Households
Current Population: 936,100
Net in-migration has been strong since
2014, whereas net natural change
has steadily declined since the Great
Recession due to the aging population.
Population Trends
As of November 1, 2020, the population of
the Greenville HMA is estimated at approximately
936,100 (Table 3). Since April 2010, population
growth has averaged 10,600 people, or
1.2 percent, annually. Net in-migration has
accounted for 80 percent of growth during that
period, averaging 8,475 people annually (Figure 4).
Net natural change (resident births minus resident
deaths) has slowed nearly each year since 2010
because of an aging population. Population
change for those ages 55 years and older has
increased irrespective of economic conditions
since 2010, whereas population change in
younger age cohorts has fluctuated with economic
conditions (see Age Cohort Trends on page 11).
From 2000 to 2005, population growth increased
by an average of 7,125 people, or 1.0 percent,
annually (Census Bureau population estimates as
of July 1). After the recession of the early 2000s
and once declines in manufacturing slowed,
population growth increased to an average of
Population
Quick Facts
2010 Current Forecast
Population 824,112 936,100 973,300
Average Annual Change 9,850 10,600 12,400
Percentage Change 1.3 1.2 1.3
Household
Quick Facts
2010 Current Forecast
Households 321,113 367,400 382,900
Average Annual Change 3,825 4,375 5,175
Percentage Change 1.3 1.3 1.4
Notes: Average annual changes and percentage changes are based on averages from 2000 to 2010, 2010 to current, and current to forecast.
The forecast period is from the current date (November 1, 2020) to November 1, 2023.
Sources: 2000 and 2010—2000 Census and 2010 Census; current and forecast—estimates by the analyst
Table 3. Greenville HMA Population and Household Quick Facts
Notes: Net natural change and net migration totals are average annual totals over the time period. The forecast period is from the current date
(November 1, 2020), to November 1, 2023.
Sources: U.S. Census Bureau; current to forecast—estimates by the analyst
Net Natural Change Net Migration Population Growth
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2000-2001
2001-2002
2002-2003
2003-2004
2004-2005
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
2014-2015
2015-2016
2016-2017
2017-2018
2018-2019
2019-Current
Current-Forecast
Population Change
Figure 4. Components of Population Change in the Greenville HMA, 2000 Through the Forecast
15,250 people, or 2.0 percent, annually from 2005 to 2008. The rebound in manufacturing from the
automotive industry and the revitalization of downtown Greenville during 2004 and 2005 contributed to
the higher-than-average population growth rate. The Great Recession caused population growth to slow
Population and Households 11Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Sources: U.S. Census Bureau; 2010 and 2019 ACS 1-year estimates
2010 2019
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Under 25 25 to 54 55 and Older
Figure 5. Population by Age Range in the Greenville HMA
to previous recession levels, increasing by
an average of 7,925 people, or 1.0 percent,
annually from 2008 to 2013. From 2010 to 2013,
79 percent of the population growth came from
the 55-years-and-older age cohort, increasing
by an average 6,500 people, or 3.0 percent,
annually during the period. As economic
conditions strengthened, with nonfarm payrolls
completely recovered from the recession-induced
job decline in 2014, population growth averaged
12,000, or 1.4 percent, annually from 2013 to
2019. Net migration averaged 9,925 people
annually, accounting for 83 percent of population
growth, from 2013 to 2019. During the same
period, net natural change slowed to an average
of 2,075 people a year—down from 2,925 people
a year during the 2008-to-2013 period.
Age Cohort Trends
The largest age cohort in the HMA is the 25-to-
54-years group, which makes up 38 percent
of the population—a decline from 40 percent
in 2010 (Figure 5). From 2010 to 2014, this
age cohort increased much more slowly than
the 55-years-and-older cohort, averaging an
increase of 690 people, or 0.2 percent, annually,
compared with the 55-years-and-older cohort,
which increased by an average 6,750 people,
or 3.0 percent. From 2014 to 2019, the 25-to-
54-years age cohort increased by an average
of 3,025 people, or 0.9 percent, annually, as
economic conditions strengthened. The fastest
growing cohort was the age-55-and-older cohort, which increased by an average of 7,100 people,
or 2.8 percent, from 2014 to 2019. These trends have contributed to slowing net natural change in the
HMA since 2008.
Household Trends
Currently, an estimated 367,400 households live in the HMA, reflecting an average annual increase of
4,375 households, or 1.3 percent, since 2010 and a continuation of the 1.3-percent growth rate from
2000 to 2010. Household growth has been slightly higher than population growth due to growth in the
55-and-older age cohort, which has caused the average household size to decrease since 2010. The
homeownership rate in the HMA has declined to an estimated 67.6 percent from 69.0 percent in 2010
due, in part, to demographic trends and the aftereffects of the Great Recession (Figure 6). The rate of
homeownership declined to an estimated low of 62.2 percent by 2016 and has increased every year since
then as the working age cohort has been more willing to buy during the stronger economic conditions.
Among those aged 25 to 54, homeownership increased from 59.6 percent in 2012 to 64.6 percent in 2019,
whereas among those aged 55 and older, homeownership increased from 78.8 to 79.4 percent (IPUMS
USA; 2012 and 2019 ACS 1-year estimates).
Population and Households 12Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Population and
Household Forecast
Population growth during the first and second years
of the forecast period is expected to be slightly
slower than recent years, with growth picking
up during the third year of the forecast period.
Overall, the population is estimated to increase
by an average of 12,400 people, or 1.3 percent, a
year. Net in-migration is expected to remain similar
to recent years, as economic conditions continue
to improve from the recent downturn. Households
are expected to increase by an average of 5,175,
or 1.4 percent, annually during the forecast period,
continuing the trend of slightly higher household
growth compared with population growth.
Note: The current date is November 1, 2020.
Sources: 2000 and 2010—2000 Census and 2010 Census; current—estimates by the analyst
RenterOwner
Homeownership Rate
71.7
69.0
67.6
65.0
66.0
67.0
68.0
69.0
70.0
71.0
72.0
73.0
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2000 2010 Current
Homeownership Rate (%)
Households
Figure 6. Households by Tenure and Homeownership Rate in the Greenville HMA
Home Sales Market 13Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Home Sales Market
Market Conditions: Balanced
Existing home sales price growth has
recently increased because changes in
seller behavior—in response to the COVID-19
pandemic—have restricted supply.
Current Conditions
Sales housing market conditions in the Greenville
HMA are currently balanced, with an estimated
vacancy rate of 1.2 percent (Table 4)—down from
2.9 percent in April 2010. The months’ supply of
homes in the HMA is currently low, at 2.5 months
in October 2020—down from 3.5 months a year
ago (CoreLogic, Inc.). Recently, low mortgage
interest rates have supported demand despite
the economic contraction.
Existing Home
Sales and Prices
During the 12 months ending October 2020,
existing home sales (including single-family
homes, townhomes, and condominiums)
increased by 950 homes, or 7 percent, to
17,300 (Zonda). Growth increased from the
12 months ending October 2019, when sales
increased by 520, or 3 percent, from the year
prior (Figure 7). Existing home sales declined
by an average 1,775 homes, or
14 percent,
annually from 2007 through 2011
due to the
Home Sales
Quick Facts
Greenville HMA Nation
Vacancy Rate
1.2% NA
Months of Inventory
2.5 2.8
Total Home Sales
21,200 5,536,000
1-Year Change
6% -3%
New Home Sales Price
$273,400 $401,900
1-Year Change
1% -1%
Existing Home Sales Price
$236,200 $338,000
1-Year Change
7% 9%
Mortgage Delinquency Rate
3.0% 4.0%
NA = data not available.
Notes: The vacancy rate is as of the current date; home sales and prices are for the 12 months ending October 2020; and months of inventory and
mortgage delinquency data are as of October 2020. The current date is November 1, 2020.
Sources: CoreLogic, Inc.; Zonda
Table 4. Home Sales Quick Facts in the Greenville HMA
REO = real estate owned.
Source: Zonda
0
5,000
10,000
15,000
20,000
25,000
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
Oct-20
Sales Totals
Regular Resales New Home Sales REO Sales
Figure 7. 12-Month Sales Totals by Type in the Greenville HMA
Home Sales Market 14Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Great Recession and slowing net in-migration, to
a low of 2,925 homes sold. From 2012 through
2017, when economic conditions and net in-
migration were strong, existing home sales
increased by an average of 1,350 homes, or
13 percent, annually, to 12,150. As the inventory of
homes for sale declined to 3.5 months of supply
in 2018, sales growth was flat for the year, with
almost no change. Approximately 49 percent of
total home sales during the 12 months ending
October 2020 were existing homes priced from
$100,000 to $300,000 (Figure 8). Existing homes
priced below this range accounted for 15 percent
of total sales and homes priced higher than
$300,000 accounted for 18 percent of total sales.
Supply constraints and stable demand have
caused existing sales prices to increase by
$15,250, or 7 percent, during the 12 months
ending October 2020, to an average price of
$236,200 (Figure 9). The growth in existing home
prices slowed in the months leading up to May
2020, when there were fewer willing buyers and
seller behavior restricted inventory in response to
the pandemic. During the 3 months ending May
2020, existing home sales price growth slowed to
an average 2 percent from 5 percent during the
3 months ending May 2019. From 2007 through
2009, economic conditions and population
growth slowed, causing prices to decline by an
average of $2,125, or 1 percent, annually, to a low
of $156,900. As population growth and economic
conditions began improving after the recession,
Note: New and existing sales include single-family homes, townhomes, and condominium units.
Source: Zonda
REO = real estate owned.
Source: Zonda
Existing Sales New Sales
0
5
10
15
20
25
30
35
$99k and Less $100k to $199k $200k to $299k $300k to $399k $400k to $499k $500k and More
Share of Sales (%)
90,000
105,000
120,000
135,000
150,000
165,000
180,000
195,000
210,000
225,000
240,000
255,000
270,000
285,000
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
Oct-20
Average Sales Price ($)
Regular Resales New Home Sales REO Sales
Figure 8. Share of Sales by Price Range During the 12 Months
Ending October 2020 in the Greenville HMA
Figure 9. 12-Month Average Sales Price by Type of Sale in the Greenville HMA
Home Sales Market 15Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
home prices gradually increased by an average of
$3,925, or 2 percent, annually from 2010 through
2015, to $180,500. As net in-migration improved
from strengthening economic conditions and excess
inventory was absorbed, existing home sales prices
increased by an average of $10,100, or 5 percent,
annually from 2016 through 2019, to $220,900.
New Home Sales and Prices
New home sales increased by 290 homes, or
8 percent, during the 12 months ending October
2020, to 3,875 (Zonda)—slower than the year-
over-year increase of 550 homes, or 18 percent,
during the 12 months ending October 2019.
Sales construction has kept up with increasing
demand, contributing to relatively flat new home
sales price growth since 2018. New home sales
declined from 2007 through 2011 by an average
of 670 homes, or 24 percent, annually, to a low of
1,125 because of the Great Recession. From 2012
through 2019, new home sales increased by an
average of 320 homes, or 16 percent, annually,
to 3,675, as the economy strengthened.
New home sales price growth was relatively
slow compared with growth in existing home
sales prices during the 12 months ending
October 2020, increasing by an average $2,100,
or 1 percent, to $273,400 despite the increase
in sales during this period. This growth is a slight
increase from flat prices during 2018 through
2019 despite a 17-percent increase in sales
during this period. New home sales prices
declined sharply from 2009 through 2011 because of the Great Recession, decreasing by an average of
$14,700, or 6 percent, annually, to a low of $208,500. From 2012 through 2017, new home sales prices
increased by an average $10,150, or 4 percent, annually, to $269,500, before prices stabilized.
Seriously Delinquent Home Mortgages and REO Properties
The number of seriously delinquent mortgages and real estate owned (REO) properties has increased
significantly since May 2020. As of October 2020, 3.6 percent of home loans were seriously delinquent or
had transitioned into REO status—up from 1.2 percent during October 2019 (CoreLogic, Inc.). The increase
in the rate began in June 2020, when the rate rose to 2.7 percent from 1.4 percent in May 2020. Since
then, the percentage of seriously delinquent mortgages and REO properties has gradually increased
every month. The sudden increase reflects the number of borrowers who were unable to make mortgage
payments because of a loss of income during the pandemic, becoming severely delinquent on their
mortgages by June. That trend occurred on the national level as well, with the percentage of seriously
delinquent mortgages and REO properties increasing from 1.6 percent in May 2020 to 4.0 percent in June
2020. The current percentage of seriously delinquent mortgages in the HMA is still much lower than the
6.3-percent peak that occurred in January 2010 during the Great Recession.
Sales Construction Activity
Sales construction activity—as measured by the number of single-family homes, townhomes, and
condominiums permitted (hereafter, homes)—in the Greenville HMA has steadily increased since 2011
and has nearly returned to pre-recession levels (Figure 10). From 2001 through 2005, the number of
homes permitted increased by an average 380 homes, or 7 percent, annually, to a peak of 6,700 homes,
despite economic conditions being relatively weak. The Great Recession led to construction declining
significantly from 2006 through 2010, averaging a decline of 990 homes, or 23 percent, annually, to a
low of 1,750. Much of the growth in permitting in the 2000s was in Greenville County, which made up
70 percent of permitting activity in 2010. As economic conditions and population growth improved, the
number of homes permitted increased by an average of 440, or 14 percent, annually from 2011 through
2019. The fastest growing area during this period was the city of Greer, where the number of homes
permitted increased by an average of 70 units, or 24 percent, annually from 2011 to 2019, to 750 homes
in 2019. During the 12 months ending October 2020, sales construction increased by 840 homes, or
16 percent, from a year ago, to 6,050 homes. Sales construction in the city of Greer increased to 1,070
units permitted—an increase of 340 units, or 47 percent, from a year ago.
Home Sales Market 16Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Notes: Includes single-family homes, townhomes, and condominiums. Data for 2020 are through October 2020.
Sources: U.S. Census Bureau, Building Permits Survey; 2000 through 2019—final data and estimates by the analyst; 2020—preliminary data and
estimates by the analyst
Single-Family Homes/Townhomes Condominiums
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Figure 10. Average Annual Sales Permitting Activity in the Greenville HMA
Table 5. Demand for New Sales Units in the Greenville HMA During the Forecast Period
Sales Units
Demand 13,700 Units
Under Construction 2,400 Units
Note: The forecast period is from November 1, 2020, to November 1, 2023.
Source: Estimates by the analyst
The Verdae development in the city of Greenville
is a large-scale project that the developer
estimates will have 10,000 residents by
completion during the next 15 years. Currently,
the Chelsea Townes neighborhood of the
development will have a total of 78 three-
bedroom townhomes, with 24 homes left to
construct. Prices start from the mid-$300,000s
and sizes range from 2,025 to 2,325 square feet.
Pinecrest will feature 68 single-family homes and
construction is currently underway. Prices will
start from the high $300,000s, with sizes ranging
from 2,125 to 2,375 square feet. Roughly 300 of
the 900 acres to be used for residential purposes
have been developed. In the city of Greer,
Katherine’s Garden will be offering 108
single-
family homes priced between $184,000
and $326,000. The homes range from 1,200 to
2,750 square feet, with three to four bedrooms.
Forecast
During the next 3 years, demand is estimated for
13,700 new homes (Table 5). The 2,400 homes
currently under construction are expected to
meet a portion of the demand during the first
year of the forecast. Demand is expected to be
lower during the first year of the forecast and increase in the second and third years, as the economy
recovers from the current downturn. Growth is expected to continue to be concentrated in Greenville
and Anderson Counties.
Rental Market 17Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Rental Market
Market Conditions: Balanced
Strong net in-migration and increasing
enrollment at Clemson University have led to
increased rental construction and decreasing
vacancy rates in the HMA since the economy
recovered from the Great Recession.
Current Conditions
and Recent Trends
Overall rental housing market conditions (which
includes single-family homes, townhomes, and
mobile homes for rent) in the Greenville HMA are
currently balanced, with an estimated rental vacancy
rate of 7.5 percent—down from 11.4 percent in 2010,
when the market was soft (Table 6). Multifamily
structures with five or more units, typically
apartments, made up 38.5 percent of occupied
rental housing in the HMA in 2019—a significant
increase from 34.9 percent in 2010. The apartment
market is currently balanced, with vacancy rates
during the third quarter of 2020 averaging
4.3 percent—unchanged from the same period a
year ago (RealPage, Inc., with adjustments by the
analyst). Despite the slowdown in economic activity
during 2020, increasing enrollment at Clemson
University, strong net in-migration, and the order
from the Centers for Disease Control and Prevention
to temporarily halt residential evictions have kept
vacancy rates from increasing during 2020.
Vacancy rates in the Greenville HMA apartment market, where approximately 91 percent of apartment
supply is located in Greenville County, declined quickly after the Great Recession, from 9.1 percent in
2009 to 4.2 percent by 2015 (Figure 11) because of strong net in-migration and increasing enrollment
in Clemson University. Since 2015, vacancy rates have remained relatively low; however, an increase
Rental Market
Quick Facts
2010 (%) Current (%)
Rental Vacancy Rate
11.4 7.5
Occupied Rental Units by Structure
Single-Family Attached & Detached
33.2 31.4
Multifamily (2–4 Units)
13.5 14.6
Multifamily (5+ Units)
34.9 38.5
Other (Including Mobile Homes)
18.4 15.4
Notes: The current date is November 1, 2020. Percentages may not add to 100 due to rounding. For Occupied Rental Units by Structure, the current
date is 2019.
Sources: 2010 and 2019 ACS 1-year data; estimates by the analyst
Table 6. Rental and Apartment Market Quick Facts in the Greenville HMA
Q3 = third quarter.
Source: RealPage, Inc.
Average Monthly Rent Vacancy Rate
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
600
650
700
750
800
850
900
950
1,000
1,050
Vacancy Rate (%)
Average Monthly Rent ($)
Q3 2005
Q3 2006
Q3 2007
Q3 2008
Q3 2009
Q3 2010
Q3 2011
Q3 2012
Q3 2013
Q3 2014
Q3 2015
Q3 2016
Q3 2017
Q3 2018
Q3 2019
Q3 2020
Figure 11. Apartment Rents and Vacancy Rates in the Greenville HMA
Rental Market 18Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
in construction activity during 2015 and 2016
contributed to a rise in the vacancy rate, which
was 5.4 percent in 2017; the vacancy rate then
declined to 4.4 percent in 2018. Rents have
steadily increased since 2009, increasing by an
average of $34, or 4 percent, annually due to
generally decreasing or low vacancy rates during
that period, in combination with strengthening
economic conditions. Rents averaged $630 in
2009 and have increased to an average of $1,000
during the third quarter of 2020. Although rent
growth has steadily increased since 2009, growth
has slowed during the past year. The average rent
increased 2 percent
during the past year, slowing
from an increase of 6 percent a year earlier.
The apartment markets in Anderson and Pickens
Counties have tightened during the third quarter
of 2020, as construction has occurred primarily
around the city of Greenville in Greenville
County. The vacancy rate in Anderson County
was 2.9 percent during the third quarter of 2020,
increasing slightly from 2.8 percent in 2019, but
rent increased 4 percent, to $880. In Pickens
County, where Clemson University is located, the
vacancy rate was 2.0 percent during the third
quarter of 2020—declining from 3.2 percent
during the third quarter of 2019, although rent
declined 2 percent, to $975.
Rental Construction Activity
Rental construction activity in the Greenville
HMA, as measured by the number of rental units
Notes: Includes apartments and units intended for rental occupancy. Data for 2020 are through October 2020.
Sources: U.S. Census Bureau, Building Permits Survey; 2000–2019—final data and analyst estimates; 2020—preliminary data and estimates by the analyst
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2000-2014
2015-2016
2017-2020
Figure 12. Average Annual Rental Permitting Activity in the Greenville HMA
permitted, was relatively low until 2015, when economic activity and net migration began to strengthen.
From 2000 through 2014, an average of 880 units were permitted annually (Figure 12). As net in-migration
increased and once the economy fully recovered, construction activity rose to 3,425 units permitted
during 2016 to keep pace with demand. After that surge in construction, levels slowed to an average of
1,600 units annually from 2017 through 2019. During the 12 months ending October 2020, an average
of 1,675 units were permitted—a 37-percent increase from the 1,225 units permitted a year earlier.
Approximately 87 percent of the units built since 2011 were in Greenville County, with the majority of those
in the cities of Greenville and Simpsonville.
Old textile mills have become popular buildings to repurpose to multifamily or mixed-use structures
since 2004, when South Carolina passed the Textile Communities Revitalization Act. That act added tax
credits to historic buildings such as Monaghan Mill, the first repurposed mill, which became The Lofts of
Greenville in 2006. The 144-unit Cotton Mill Luxury Apartments in Simpsonville was completed in 2019.
Builders repurposed parts of an old mill, adding housing units onto the structure of a cotton mill.
Rental Market 19Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
One-, two-, and three-bedroom apartment rents
start at $1,000, $1,275, and $1,375, respectively.
Student Housing
Student households in the HMA made up an
estimated 9 percent of total rental households
in 2019—down from 11 percent in 2012;
approximately 62 percent of students in the HMA
resided in dormitory housing in 2019 (IPUMS USA
ACS 1-year estimates). Clemson University is the
only higher education institution in the HMA to
have had increasing enrollment since the Great
Recession. The lack of rental construction near
campus after the recession led the university to
turn away 850 students who wanted to live on
campus in 2015. In 2018, the university completed
the Douthit Hills mixed-use development on
campus to increase the supply of student
housing. Douthit Hills has the capacity to house
approximately 1,750 students and includes restaurants and retail shops. Apartments in Pickens County,
where Clemson University is located, had an average vacancy of 2.0 percent during the third quarter
of 2020—down from 3.3 percent a year earlier (Real Page, Inc.). Due to low vacancy rates in student
housing, students have paid gross rents that have increased from $790 in 2012 to $1,000 in 2019, or
4 percent annually. Those rents are compared with an average increase of 3 percent annually, from
$700 to $860, for all rental housing in the HMA during the same period (IPUMS USA ACS 1-year estimates).
Forecast
During the 3-year forecast period, demand is estimated for 5,350 additional rental units in the HMA
(Table 7). The 2,300 units currently under construction are expected to meet demand during the first year
of the forecast. Demand is expected to be stronger in the second and third years of the forecast period,
primarily a result of improving economic conditions.
Note: The forecast period is November 1, 2020, to November 1, 2023.
Source: Estimates by the analyst
Rental Units
Demand 5,350 Units
Under Construction 2,300 Units
Table 7. Demand for New Rental Units in the Greenville HMA During the Forecast Period
Terminology Definitions and Notes 20Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Terminology Definitions and Notes
A. Definitions
Building Permits
Building permits do not necessarily reflect all residential building activity that occurs in an HMA. Some units are constructed or created without a building
permit or are issued a different type of building permit. For example, some units classified as commercial structures are not reflected in the residential building
permits. As a result, the analyst, through diligent fieldwork, makes an estimate of this additional construction activity. Some of these estimates are included in
the discussions of single-family and multifamily building permits.
Demand
The demand estimates in the analysis are not a forecast of building activity. They are the estimates of the total housing production needed to achieve a
balanced market at the end of the 3-year forecast period given conditions on the as-of date of the analysis, growth, losses, and excess vacancies. The
estimates do not account for units currently under construction or units in the development pipeline.
Forecast Period 11/01/2020–11/01/2023—Estimates by the analyst.
Home Sales/
Home Sales
Prices
Includes single-family home, townhome, and condominium sales.
Other Vacant
Units
In this analysis conducted by the U.S. Department of Housing and Urban Development (HUD), other vacant units include all vacant units that are not available
for sale or for rent. The term therefore includes units rented or sold but not occupied; held for seasonal, recreational, or occasional use; used by migrant
workers; and the category specified as “other” vacant by the Census Bureau.
Rental Market/
Rental Vacancy
Rate
Includes apartments and other rental units, such as single-family, multifamily, and mobile homes.
Terminology Definitions and Notes 21Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Seriously
Delinquent
Mortgages
Mortgages 90+ days delinquent or in foreclosure.
B. Notes on Geography
1.
The metropolitan statistical area definition noted in this report is based on the delineations established by the Office of Management and Budget (OMB) in the
OMB Bulletin dated April 10, 2018.
2. Urbanized areas are defined using the U.S. Census Bureau 2010 Census Urban and Rural Classification and the Urban Area Criteria.
3. The census tracts referenced in this report are from the 2010 Census.
C. Additional Notes
1.
The NAHB Housing Opportunity Index represents the share of homes sold in the HMA that would have been affordable to a family earning the local median
income, based on standard mortgage underwriting criteria.
2.
This analysis has been prepared for the assistance and guidance of HUD in its operations. The factual information, findings, and conclusions may also be
useful to builders, mortgagees, and others concerned with local housing market conditions and trends. The analysis does not purport to make determinations
regarding the acceptability of any mortgage insurance proposals that may be under consideration by the Department.
3.
The factual framework for this analysis follows the guidelines and methods developed by the Economic and Market Analysis Division within HUD. The analysis
and findings are as thorough and current as possible based on information available on the as-of date from local and national sources. As such, findings or
conclusions may be modified by subsequent developments. HUD expresses its appreciation to those industry sources and state and local government officials
who provided data and information on local economic and housing market conditions.
Terminology Definitions and Notes 22Greenville, South Carolina Comprehensive Housing Market Analysis as of November 1, 2020
Comprehensive Housing Market Analysis Greenville, South Carolina
U.S. Department of Housing and Urban Development, Office of Policy Development and Research
Contact Information
David E. Kelley, Economist
Atlanta HUD Regional Office
678–732–2721
david.e.kelley@hud.gov
D. Photo/Map Credits
Cover Photo iStock
