Few purchases give you a sense of pride and accomplishment like buying a new home. From white picket fences and lush green grass to cookouts with neighbors and holidays with the family, owning a home is magical. Like most great things, though, enduring the home-buying process takes a lot of work. There are many steps to take and difficult decisions to make along the way. One of the most crucial decisions is what type of home loan and mortgage broker to choose. Whether it's your first time buying a home or you're a seasoned owner with multiple properties, you will need a trusted mortgage broker in Columbia, SC, with your best interests at heart.
If you're like most people, you need a mortgage professional whose top priority is their customers - an expert who can provide accurate advice and guidance so you can make educated decisions. That's where Mission One Mortgage comes into the picture.
Whether you want the best interest rates or don't know where to start in the home-buying process, Mission One Mortgage can set you up in the right direction. From getting you pre-qualified to buy a home to securing a veteran's loan, Mission One Mortgage is the trusted solution you need. As Columbia natives, we're proud to serve the Lowcountry and all of South Carolina with trusted mortgage brokerage services.
Unlike some mortgage companies in Columbia, SC, we bring years of high-level experience and insight to the table. Having worked with hundreds of clients during our time in business, we know you're probably going through a range of emotions right now. Buying a new home can be a scary process, especially for first-time buyers. That's why we make every effort to make ourselves accessible and available for clients. Our primary goal is to help you make the right mortgage for your family and your budget.
We know that many home loan officers have horrible reputations. Some brokers only see their clients as transactions, and a means to make quick money. They come off as impatient and pushy, failing to understand that this is a very big decision for you. At Mission One Mortgage, we take the opposite approach. We encourage our clients to take as much time as needed to ask us questions and review mortgage documents. We could say that our mission is to exceed your expectations, but we'd rather just show you. From assistance finding FHA, VA, or other loans to refinancing your current mortgage, Mission One is the team you can trust.
Here are just a few reasons why home buyers choose Mission One Mortgage:
Most people simply don't have access to the hundreds of thousands of dollars needed to purchase a home with cash. Instead, they take out a mortgage loan to buy a home. Unfortunately, many homebuyers are anxious to get the ball rolling and, due to their excitement, fail to shop around for the best mortgage rates. To some degree, avoiding this step makes sense, as it requires a lot of legwork and research to get the job done. For those not wanting to spend hours researching a reasonable mortgage, there's an alternative to consider - working with a mortgage broker.
To understand the benefits of working with a mortgage broker, you must first understand their role in the home-buying process.
Your mortgage broker is a third party that works to connect you with mortgage lenders. Essentially, a mortgage broker works as an intermediary between a person who wants to buy a home and the entities offering loans to buy a home. The mortgage broker works with both the borrower and lender to get the borrower approved. They also verify and collect paperwork from the borrower that the lender needs to finish a home purchase. Typically, mortgage brokers have relationships with several home loan lenders. Mission One Mortgage, for example, has access to 50 different lenders, which gives us a wide range of home loans in Columbia, SC, from which to choose.
In addition to finding a home loan lender, your mortgage broker will help you settle on the best loan options and interest rates for your budget. Ideally, your mortgage broker will take a great deal of stress and legwork off your plate while also potentially saving you money.
If you're ready to buy a home, getting pre-qualified is a great choice that will streamline the entire process. Your mortgage broker makes getting pre-approved easy by obtaining all the documents needed to get you pre-qualified. In taking a look at your application, they will determine if you're ready for the pre-approval process. If your application needs additional items, the mortgage company will help point you in the right direction to ensure your application is as strong as it can be. Your mortgage broker will also walk you through the different types of loans, from Conventional and FHA to VA and USDA.
In order to be pre-approved for a home in South Carolina, you must have the following:
Most people choose to use a mortgage broker because they have access to different lenders and interest rates. But a great mortgage broker brings more to the table than a choice of lenders.
Save You from Unneeded Stress:One of the biggest advantages of hiring a mortgage broker is that they can find and vet loans while managing the mortgage process on your behalf. The best mortgage companies, like Mission One Mortgage, hire brokers who are experts at keeping underwriting on track, coordinating with relevant parties, and handling all paperwork involved. At the end of the day, mortgage brokers save you stress and time and often expedite the closing process.
More Access: We touched on this earlier, but it bears repeating: A mortgage broker provides access to a range of loans, rates, and lenders. In fact, many mortgage brokers can get rates lower than what the average person could get from a lender.
Save You Money: There's a chance that your mortgage broker can get your mortgage fees reduced or waived by the lender, which could save you a good deal of money.
Help with Unfavorable Financial Situations: Expert mortgage brokers can often assist in challenging financial situations, like when a buyer has inconsistent income or less-than-perfect credit. Experienced brokers, like those at Mission One Mortgage, are often aware of lenders willing to will work with nontraditional borrowers.
Provide Key Insights: Mortgage brokers share important insights, such as your chances for a home loan approval and exactly how much house you can afford. They can also save you from making costly mistakes based on their years of expertise in the mortgage industry.
While settling on the best type of home loan isn't as exciting as searching for the home of your dreams, it's equally important. Yes, your Mission One Mortgage loan officer in Columbia, SC, will be happy to help explain the differences between home loans. But understanding the basics ahead of time will save you stress and time in the long run.
Conventional loans can be used to purchase a new home or refinance your current one. Conventional loans include fixed-rate mortgages and adjustable-rate mortgages. Generally, borrowers must put down a 3% down payment for owner-occupants, 10% for a vacation property, and 20% for an investment home. If you are able to pay 20% of the total cost of the home, you can avoid private mortgage insurance, which is otherwise required. Conventional mortgages are often preferred by buyers with good credit or people needing a non-owner-occupied mortgage.
FHA mortgages are issued by the U.S. government and backed by the Department of Housing & Urban Development (HUD). This loan is often preferred by first-time homebuyers because it only requires a 3.5% down payment and offers more flexibility with credit requirements and underwriting standards. FHA loans have several requirements you must meet to qualify. Contact Mission One Mortgage today to learn more about FHA loans and whether or not they're best for your financial situation.
Also backed by the government, these loans are insured by the U.S. Department of Agriculture and don't require money down. These loans have lower insurance requirements when compared to FHA loans, offer 100% financing if you qualify, and allow for closing costs to be covered by the seller. In order to qualify for a USDA loan, you must live in a rural area, and your household income must meet certain standards. These loans are often preferred by low-income citizens who live in rural parts of South Carolina.
Also known as VA or Veteran's Affairs loans, these mortgages are reserved for the brave men and women who served in the military. VA loans help provide our military members, veterans, and their families with favorable loan terms and an easy home ownership experience. Often, those who qualify are not required to make a down payment on their home. Additionally, these loans often include less expensive closing costs.
If you are a veteran or the family member of a veteran, contact Mission One Mortgage today to speak with our Vetted VA Professional, Debbie Haberny. Debbie helps our military members, veterans, and their family members obtain home loans utilizing veteran benefits and would be happy to help as you search for a home.
Do you have questions about the complexities of mortgages and home loans? As your advocate, Mission One Mortgage is here to answer any questions you have about mortgages and the home-buying process. We encourage you to call our office to speak directly with one of our mortgage experts or continue reading below for answers to some frequently asked questions.
Q. I was talking to my spouse about mortgage brokers, and they mentioned the phrase home loan originator. What's the difference between a broker and a loan originator?
A. The mortgage industry is full of confusing jobs and titles, making it easy to confuse roles and responsibilities. Such is the case with mortgage brokers and home loan originators. Though their roles share similarities, a home loan originator in Columbia, SC, works for a bank or credit union, while a mortgage broker works for a brokerage company. Home loan originators and mortgage brokers are both licensed by the Nationwide Multistate Licensing System (NMLS).
Q. I've heard from everyone that you must have mortgage insurance to buy a home. What is mortgage insurance?
A. Essentially, mortgage insurance helps protect lenders if a borrower forecloses on the home they bought. One advantage of mortgage insurance is that when borrowers pay it, lenders can often grant loans to buyers when they might not have otherwise. Though not always required to buy a home, mortgage insurance is often needed for down payments of less than 20%.
Q. I have just been pre-approved to buy a beautiful home in South Carolina. Is there anything I shouldn't do now that I'm pre-qualified?
A. Mortgage companies like Mission One Mortgage, make getting pre-qualified for a home easy. However, as your loan process continues, your lender is required to run a new credit report before closing on a home. For that reason, it's to avoid any activity that might affect your credit score, such as:
Q. My brother-in-law recently refinanced his home in South Carolina. What is refinancing, and should I consider refinancing my home too?
A. Refinancing your home basically means you're swapping your current mortgage for a new one, most often with a lower interest rate. If you would like to reduce the term of your loan, lower your monthly mortgage payments, or consolidate debt, refinancing may be a smart option. Many homeowners also choose to refinance if they want to switch from adjustable-rate mortgages to fixed-rate mortgages or to get cash back for home renovations. To learn whether refinancing is a viable option for your situation, contact Mission One Mortgage ASAP, as loan rates change frequently.
Here at Mission One Mortgage, we believe that the best communities begin with the dream of home ownership. Our mission is to make those dreams come true, with personalized service, expert guidance, and good old-fashioned hard work. As one of the most trusted mortgage companies in Columbia, SC, we have years of experience working with a diverse range of clients, from first-time buyers and investors to self-employed borrowers and non-native English speakers.
Though every mortgage situation is different, one thing never changes: our commitment to clients. Contact our office today to get started on an exceptional home-buying experience.
Gospel singer Melvin Crispell III is a very popular performer.His joyful noise on albums like 2020’s "I’ve Got A Testimony" and 2023’s "No Failure" garnered him two Grammy award nominations, a Dove award nomination and a Dove win earlier this year (the Dove Awards are essentially the Grammys of spiritual music). His most popular song, a horn-drenched s...
Gospel singer Melvin Crispell III is a very popular performer.
His joyful noise on albums like 2020’s "I’ve Got A Testimony" and 2023’s "No Failure" garnered him two Grammy award nominations, a Dove award nomination and a Dove win earlier this year (the Dove Awards are essentially the Grammys of spiritual music). His most popular song, a horn-drenched slice of sunlit soul called “Wonderful Is Your Name,” has been streamed more than 2 million times.
We’re saying all that to establish that, if he had wanted to, Crispell, the son of renowned gospel composer Melvin Crispell Jr. and singer Tunesha Crispell, could’ve booked a show at a major Columbia performance venue and sold plenty of tickets. But that’s not what he did.
On Nov. 6, Crispell will perform at Right Direction Church International Sanctuary on Broad River Road. And the reason he’s doing that is simple: Church performances form the deep roots of Crispell’s love of gospel.
“My foundation is singing at different churches,” Crispell said. “So these events mean a lot to me. And everybody needs Jesus, so it’s not just about the big stages and the big theaters and all that stuff. I like taking the time to go to local churches and share my story.”
And when he looks out upon whatever congregation he faces, Crispell’s planned-out set often goes out the window.
“I do try to plan for what I'm going to say or what I’m going to sing, but the leading of the Holy Spirit is subject to change when I get in the moment of a performance because that's what I follow," he said. "I just want to present gospel that is authentic in every room that I enter.”
While Crispell is entering rooms, his new EP, "Covered Vol. 1," is entering sacred territory. The six-track collection presents modernized, agile takes on iconic gospel songs like “He’s Never Failed Me Yet" by CeCe Winans, “The Battle Is The Lord’s” by Yolanda Adams and more.
Throughout the EP, Crispell sings with both lightness and passion. His vocal style eschews the thundering preacher-style of some gospel singers, nstead favoring a remarkably flexible approach that allows him to truly catch the Spirit.
Given that Crispell has essentially spent his life steeped in gospel music, picking a mere six classic songs for "Covered, Vol. 1" was no easy task.
“It was almost impossible,” he said with a laugh. “It was tough decision, choosing these specific songs. but that's why I wanted it to be ‘Vol 1.’ So that when we get to 'Vol. 2,' we can search for six more songs, because there are so many songs that inspired me growing up, and I can't wait till we dive in.”
As for the crowds that Crispell delivers his message to, he says there is one audience member he aims to please before all others.
“Really, it’s an audience of one, and that’s Jesus,” he said. “It’s God himself, so that's how I go into every performance. And the connection emotionally with the audience is really just me inviting them into my personal space of worship. And that's what I like to do, is invoke the presence of God and invite people on that journey.”
That journey led Crispell to the Dove Awards stage earlier this year, when he won Traditional Gospel Album of the Year for his album "No Failure."
“That night was absolutely incredible to me,” Crispell said. “I was not expecting to win, but I’m grateful to be rewarded for the hard work and dedication on this project. It means everything to me.”
With years of success behind him and a shiny new award on the shelf, Crispell said he is as dedicated to raising people’s spirits as ever.
“My dedication and love for music and love for God has not changed,” he said. “We as artists and musicians have to do our job to inspire people and lead people and invite people that may not know Jesus into that space. Now, of course, that doesn't mean I’ll change the minds of people, but you just never know what someone's personal experience with Christ will lead to.”
Melvin Crispell III performs in Columbia Nov. 6 at 7 p.m. at Right Direction Church International Sanctuary as part of the congregation's four-day Direction Conference. More info at directionconference.info
There’s a new place to grab a sandwich — and perhaps sprinkle it with a bit of hot sauce — in northeast Columbia.Firehouse Subs, which has locations across the Midlands and nationwide, opened a new sandwich shop Monday, Oct. 28 at 10136 Two Notch Road. The sandwich shop is located in the Sparkleberry Square shopping center, and is just a couple doors down from a Kroger grocery store.The new Firehouse Subs was opened by uncle-and-nephew duo Larry Chandler and Jody Chandler, who operate nearly 40 Firehouse locat...
There’s a new place to grab a sandwich — and perhaps sprinkle it with a bit of hot sauce — in northeast Columbia.
Firehouse Subs, which has locations across the Midlands and nationwide, opened a new sandwich shop Monday, Oct. 28 at 10136 Two Notch Road. The sandwich shop is located in the Sparkleberry Square shopping center, and is just a couple doors down from a Kroger grocery store.
The new Firehouse Subs was opened by uncle-and-nephew duo Larry Chandler and Jody Chandler, who operate nearly 40 Firehouse locations across the Carolinas.
“We are thrilled to be bring our hearty and flavorful subs and community commitment to a new area of Columbia,” Larry Chandler said in a statement. “We can’t wait to welcome new and loyal guests, while supporting local first responders through the Firehouse Subs Public Safety Foundation.”
There are dozens of Firehouse Subs locations across South Carolina, including several in the Columbia and Lexington areas. The company is known for its hot sandwiches with names that are a nod to firefighting, such as the signature Hook and Ladder, which comes with smoked turkey breast, Virginia honey ham, melted Monterey Jack cheese, mayo, deli mustard, lettuce, tomato, onion, and a kosher dill pickle on the side.
The company also recently rekindled its popular hot sauce bar, offering customers a host of spicy sauces they can add to their sandwiches when they are in the restaurant.
The Sparkleberry Square Firehouse Subs is in the midst of a busy commercial area in northeast Columbia. Nearby businesses include Lowe’s Home Improvement, Kroger, Publix, Ross, Kohl’s, Chick-fil-A and more. About 32,400 cars per day travel down that section of Two Notch Road, per state Department of Transportation statistics.
The new Firehouse location is open from 10 a.m. to 10 p.m. daily.
The State
Chris Trainor is a retail reporter for The State and has been working for newspapers in South Carolina for more than 20 years, including previous stops at the (Greenwood) Index-Journal and the (Columbia) Free Times. He is the winner of numerous South Carolina Press Association awards, including honors in column writing, government beat reporting, profile writing, food writing, business beat reporting, election coverage, social media and more.
A fire at Maurice’s Piggie Park in Cayce damaged its headquarters, sparking a multi-agency investigation as the small BBQ restaurant chain plans its recovery.CAYCE, S.C. — The West Columbia Fire Department continues investigating the cause of the fire at the Maurice's Piggie Park BBQ headquarters in Cayce."Shock. I mean absolute...
A fire at Maurice’s Piggie Park in Cayce damaged its headquarters, sparking a multi-agency investigation as the small BBQ restaurant chain plans its recovery.
CAYCE, S.C. — The West Columbia Fire Department continues investigating the cause of the fire at the Maurice's Piggie Park BBQ headquarters in Cayce.
"Shock. I mean absolute shock, and then you know sadness, because anybody who has grown up in this area, everybody recognizes the piggy park and the pig sign," Lisa Harmon said.
That's how Harmon said she felt when she saw flames coming from the buildings on the property on Saturday night.
“From our vantage point last night and how big the fire was, it was really difficult to tell whether or not the restaurant was also involved so just the general reaction was just shock,” she said.
Authorities later said the restaurant on the property was not damaged.
RELATED: West Columbia fire chief provides update on fire at Maurice's Piggy Park offices, cooking facilities
Around 9:15 p.m. on Saturday, the West Columbia Fire Department responded to the area of Charleston Highway and Airport Boulevard in Cayce. Fire Chief Marquis Solomon said it took multiple agencies to extinguish this fire.
“We had large amount of resources on-scene; we had agencies from five different jurisdictions working on this incident, so it was very intense," he said. "And manpower, we were in the neighborhood of about 50 to 60 firefighters on-scene at the height of the incident.”
According to Solomon, the fire took four hours to put out, and crews were still on the scene Sunday morning checking for small hot spots.
“The restaurant was not affected. However, the administrative offices, the cook house were all contained inside that building that was that was damaged by fire last night,” Solomon said.
The restaurant shared additional news in a Facebook post on Sunday morning.
“We plan for all our restaurants to be closed Monday until further notice," the statement said. "We will be taking it day by day as we work to reopen and rebuild. For anyone who knows our family knows we won’t give up and will work endlessly to do what we need to do to continue the BBQ legacy and support our 150 employees and community we love dearly.”
The cause of the fire is still under investigation.
"We do have a multiple-agency investigation being conducted that's through the city of West Columbia, also SLED [South Carolina Law Enforcement Division], state fire and the ATF," Solomon said. "This is a common practice with large dollar loss incidents.”
The fire department asked anyone in the area to stay away from the actual fire scene as the fire is still under investigation.
Columbia will not host rounds of the NCAA’s March Madness men’s basketball championship in 2027 or 2028, despite submitting a bid earlier this year. Columbia’s problem is its lack of full-service hotels, explained Scott Powers, executive director of Experience Columbia Sports, the city’s sports tourism agency.“While it wasn’t a surprise, we’re disappointed,” Powers said, explain...
Columbia will not host rounds of the NCAA’s March Madness men’s basketball championship in 2027 or 2028, despite submitting a bid earlier this year.
Columbia’s problem is its lack of full-service hotels, explained Scott Powers, executive director of Experience Columbia Sports, the city’s sports tourism agency.
“While it wasn’t a surprise, we’re disappointed,” Powers said, explaining that the NCAA informed the city earlier this month that it would not be among host cities for tournaments in 2027 or 2028.
In 2019, the city broke a nearly 50-year streak and was chosen to host a portion of the NCAA men’s basketball tournament for the first time since 1970. Almost 48,000 tickets were sold for the six games hosted in Columbia that year, and the overall economic impact to Richland and Lexington counties was $11.3 million.
It was a big moment for Columbia, not only because of the economics, but also because March Madness draws international attention and it was a chance for South Carolina’s capital city to show its assets.
The city keeps hoping to recapture that moment, but every year since the city last won a host position the requirements have gotten more stringent, Powers said. In 2019, they found creative ways around the full-service hotel problem. But the NCAA hasn’t been willing to make the same concessions in more recent years.
Columbia and the surrounding area do have a lot of hotels. There were at least 160 hotels with a total of 13,263 rooms in the Columbia metro area as of December 2023, according to the state Restaurant and Lodging Association. That’s also a significant increase from December 2019, when there were 129 hotels and under 12,000 rooms. So the region is also adding hotels. But they aren’t adding the right kind of hotels fast enough.
The NCAA wants host cities with eight to 10 full-service hotels with in-house food and beverage options, with four meeting rooms of at least 2,000 square feet. And it wants each of the eight teams playing in the tournament rounds to have their own hotel to avoid any bad blood before or after games. There are only four hotels in the region that meet those requirements, Powers previously told The State, and the city hasn’t built any new ones in almost 20 years. The last NCAA-approved full-service hotel that opened in Columbia was the Hilton Columbia Center in 2007.
Columbia wasn’t the only city in the Carolinas to miss out on the host gigs. Charlotte is the only city in the Carolinas to have been selected by the NCAA this round. Powers thinks this indicates that smaller cities might not stand a chance in the future.
Powers said he will keep bidding to host NCAA tournament rounds, but he’s not optimistic that Columbia will get selected, at least until after 2030, because bids have to be submitted up to two years prior and Columbia won’t change enough in that time. He said one solution could be to limit the number of small hotels that can be built downtown in favor of larger projects.
Developer Ben Arnold has plans to build one new full-service hotel in the Vista in coming years, and the Convention Center has also been planning a hotel project adjacent to its property.
Powers added that he doesn’t think the NCAA’s decision is an indication that Columbia isn’t a good fit to host high-profile events, pointing to the recent Premier League Rivals in Red match hosted at Williams-Brice. While there are limits to what the city can support, he said, Powers believes Columbia will still continue to build momentum to host bigger events.
“Obviously we know we’re not going to host a Superbowl,” he said.
This story was originally published October 22, 2024, 12:04 PM.
The State
Morgan Hughes covers Columbia news for The State. She previously reported on health, education and local governments in Wyoming. She has won awards in Wyoming and Wisconsin for feature writing and investigative journalism. Her work has also been recognized by the South Carolina Press Association.
LEXINGTON — During the COVID-19 pandemic, Blake Hayes was one of many to pick up and move to South Carolina. Even though he was only 20, Hayes had a goal to buy a home. Prices in the Palmetto State were more reasonable than where he lived in Virginia.As Hayes searched for a home, he was in luck. He landed a comfortable starter home in Lexington County, off of Saint Andrews Road.But less than three years later, when Hayes and his wife, Shannon, decided to move to West Columbia, prices had risen significantly and selling hi...
LEXINGTON — During the COVID-19 pandemic, Blake Hayes was one of many to pick up and move to South Carolina. Even though he was only 20, Hayes had a goal to buy a home. Prices in the Palmetto State were more reasonable than where he lived in Virginia.
As Hayes searched for a home, he was in luck. He landed a comfortable starter home in Lexington County, off of Saint Andrews Road.
But less than three years later, when Hayes and his wife, Shannon, decided to move to West Columbia, prices had risen significantly and selling his old place became an anxiety-inducing headache.
Hunting for a house is fun for the first couple of weeks, Hayes said. But "then when it's a month into it, two months into it, you still haven’t found a place or you’ve put in offers on houses, that’s when it gets a little bit more difficult to deal with," he added.
The Columbia area is generally cheaper than other cities compared to larger metro areas in the state or similar-sized cities across the southeast. But the cost to buy a home has risen significantly in the last few years, making home ownership less attainable for young people.
“When I started my career 10 years ago, I could get them in for $120,000 and now if I get them in for under $200,000, I’m happy," said Olivia Cooley, a Columbia-based realtor.
And as Richland and Lexington counties continue to grow, it's becoming more difficult to find an affordable home that checks all the boxes.
The state is expected to see a million more people move to South Carolina by 2040, according to data from the S.C. Revenue and Fiscal Affairs Office. Richland is expected to grow by around 4 percent in the next 10 years and Lexington is expected to grow 7.6 percent.
In Richland County, the median household income is $61,079, according to U.S. Census data from 2023. Financial experts recommend spending anywhere from 30 to 45 percent of pretax income on a monthly mortgage, which includes costs like principal, interest and taxes.
Someone making the median income in Richland could afford around $2,100 each month toward a mortgage. That'd mean they could purchase a home in the $240,000 range, which is not far off from Columbia's average home price.
That calculation could change if the buyer has outstanding debt, like student loans, car payments or a significant amount of credit card debt. It'd also vary based on how much, if any, the buyer was able to spend on a down payment.
In Lexington County, the median household income is $76,447, according to Census data. That'd give a Lexington homebuyer around $2,520 to spend each month toward the cost of a home. With no debt and the help of a down payment, that'd make a home in the high $200,000 to low $300,000 range affordable. In Lexington, the average cost of a house hovers around the mid-to-high $200,000s, according to Zillow.
In the fast-growing county, especially in the Town of Lexington, homes tend to be more expensive than in Richland County, Cooley said. People are flocking to the county in part because of the area's schools. Few areas of Lexington, like Cayce and West Columbia, remain somewhat affordable because they are more up and coming, Cooley explained.
But across the Midlands, a handful of neighborhoods remain more affordable and even somewhat lower than the median price. Areas that have grown in the last few years, but still haven't quite hit their stride in terms of growth yet, are more manageable on the wallet, Cooley said. These include parts of West Columbia, Cayce, Columbia neighborhoods like Rosewood and Earlewood and areas on the outskirts like Irmo and up toward Elgin.
As Lexi Neely vented to a gym friend, who just so happened to be a realtor, about the property management at her apartment complex, it dawned on her. It was time to buy a home.
Neely, a 25-year-old accountant, had had it with having a landlord. She wanted a place that she owned. She wanted a yard for her dog, Bailey.
"I just felt like it was silly for me to pay as much as I was paying because I’m paying literally $100 less than I was in an apartment. I’m paying less for a three-bedroom home as opposed to a two-bedroom apartment," Neely said.
So, with the help of her stepdad on the down payment, Neely bought a home in Lexington County on about a third an acre of land. It's a move that's become increasingly difficult for young adults like Neely, who said it wouldn't have been possible without help.
Down payment assistance, be it gifts from family members or local programs designed to help first-time homebuyers, has become increasingly more popular for younger buyers, realtors and lenders across Columbia said. The average age of first-time buyers is going up, said Taylor Oxendine, co-executive office at the Central Carolinas Realtors Association.
There's competition in the housing market mostly between two generations, Oxendine explained. Baby boomers, some of whom are coming from out of state and have money saved up, are in some ways eking out millennials who are trying to break into the market for the first time.
"You’re having those two groups compete ... a first-time homebuyer having to compete against somebody that has the wealth built up," Oxendine said.
But even as Columbia-area prices have increased, the Midlands have been insulated from some of the problems other cities are seeing surrounding affordability, local realtors said. The region has remained more affordable than Charleston, which has an average home price of $564,000 according to Zillow, and Greenville, at $306,000.