Los préstamos VA se establecieron antes del final de la Segunda Guerra Mundial y desde entonces han ayudado a numerosos veteranos, miembros del servicio y familias de militares a cumplir su sueño de ser propietarios de una casa. En los últimos tiempos, el programa se ha vuelto cada vez más importante, ya que el volumen de préstamos del VA se ha disparado y ofrece importantes ventajas financieras que permiten a innumerables veteranos comprar viviendas, lo que hace que la propiedad de vivienda sea una posibilidad para aquellos que de otro modo no habrían calificado.
Si sacrificó la comodidad y la seguridad para ayudar a proteger nuestra gran nación, Mission One Mortgage le agradece su servicio. Creemos que no hay mayor honor que servir a quienes han servido a nuestro país. No tenemos miedo de hacer todo lo posible por nuestros veteranos porque eso es exactamente lo que ellos hicieron por nosotros.
Un préstamo VA es una opción hipotecaria respaldada por el gobierno y disponible para veteranos, miembros del servicio y cónyuges sobrevivientes. Lo ofrecen prestamistas privados como bancos y compañías hipotecarias y no directamente el Departamento de Asuntos de Veteranos.
Los préstamos hipotecarios del VA tienen tasas de interés y términos competitivos y se pueden utilizar para comprar una variedad de propiedades, incluidas:
Uno de los grandes beneficios de los préstamos VA es que los veteranos elegibles pueden comprar una casa sin pago inicial, sin seguro hipotecario, requisitos crediticios indulgentes y las tasas fijas promedio más bajas del mercado.
En Mission One Mortgage, trabajamos con muchos veteranos que saben que existen préstamos VA pero no comprenden toda la gama de beneficios que brindan. Si esto te suena familiar, sigue leyendo. Esta sección fue escrita especialmente para usted.
01
Uno de los beneficios más destacados del programa de préstamos VA es que los prestatarios calificados pueden comprar una casa sin tener que hacer un pago inicial hasta el límite del préstamo conforme de su condado. Esta es una ventaja significativa sobre los préstamos convencionales y de la FHA, que normalmente requieren pagos iniciales mínimos del 5 por ciento y el 3,5 por ciento, respectivamente.
Por ejemplo, en una hipoteca de $400,000, un préstamo convencional requeriría un pago inicial de $20,000, mientras que un préstamo de la FHA requeriría $14,000. Ahorrar esa cantidad de dinero en efectivo puede llevar años a los miembros del servicio y a los veteranos, pero con el préstamo VA, pueden adquirir una vivienda sin tener que raspar y acumular durante años.
03
Es importante que los compradores militares se mantengan informados sobre los requisitos de puntaje crediticio al considerar opciones de financiamiento de vivienda. Aunque los requisitos de calificación crediticia se han suavizado un poco, todavía es necesario cumplir con ciertos puntos de referencia establecidos por los prestamistas convencionales y la FHA. Sin embargo, incluso alcanzar estos puntos de referencia puede ser un desafío para muchos compradores.
La mayoría de los prestamistas del VA exigen un puntaje crediticio de al menos 620, que se encuentra en el rango de puntaje crediticio "justo" de FICO. Los prestatarios normalmente necesitarán alcanzar un umbral más alto para las hipotecas convencionales, particularmente si quieren asegurar una tasa de interés baja. Vale la pena consultar las tasas de préstamos VA para obtener más información sobre las opciones de financiamiento.
A pesar de los conceptos erróneos comunes, los compradores militares no necesitan un puntaje crediticio perfecto para obtener financiamiento. Si bien un puntaje crediticio más alto ciertamente puede ayudar, es importante recordar que los préstamos VA en Columbia, SC están diseñados para ayudar a los militares y veteranos a acceder a viviendas asequibles.
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Los costos de cierre son una parte inevitable del proceso de compra de una vivienda, sin importar el tipo de producto hipotecario que elija. Sin embargo, si es un veterano, le complacerá saber que el VA impone límites a las tarifas y costos que debe pagar en el momento del cierre. Además, los compradores de vivienda tienen la opción de pedir a los vendedores que cubran todos los costos de cierre relacionados con el préstamo, así como hasta el 4 por ciento del precio de compra para otros gastos como impuestos pagados por adelantado, seguros y cobros.
02
Conseguir un pago inicial puede ser un desafío tanto para los compradores de viviendas convencionales como para los de la FHA. Además, deben pagar un seguro hipotecario a menos que puedan realizar un pago inicial considerable, normalmente el 20% del precio de compra. Por ejemplo, en una hipoteca de $400,000, esto sería la asombrosa cantidad de $80,000 en efectivo.
Los préstamos de la FHA conllevan una prima de seguro hipotecario inicial y un seguro hipotecario anual. Este último ahora dura toda la vida del préstamo. Por otro lado, los compradores de viviendas convencionales pagarán este costo mensual hasta que hayan acumulado suficiente capital, lo que puede llevar varios años.
Afortunadamente, los préstamos VA no requieren ningún seguro hipotecario. Sin embargo, existe una tarifa de financiación obligatoria que va directamente al Departamento de Asuntos de Veteranos. Los prestatarios con una discapacidad relacionada con el servicio están exentos de pagar esta tarifa, lo que ayuda a mantener el programa en marcha para las generaciones futuras.
04
Si ha experimentado un revés financiero, como una ejecución hipotecaria, una venta corta o una quiebra, es posible que le preocupen sus posibilidades de obtener un préstamo hipotecario del VA. Sin embargo, no pierdas la esperanza todavía. Con los préstamos VA, aún es posible ser elegible para un préstamo hipotecario solo dos años después de una ejecución hipotecaria, venta corta o quiebra. En algunos casos, los veteranos que se acogen al Capítulo 13 de protección por quiebra pueden ser elegibles para un préstamo del VA apenas un año después de la fecha de presentación.
Vale la pena señalar que los períodos de espera para el financiamiento convencional o de la FHA pueden ser significativamente más largos que los de los préstamos VA. Además, incluso si ha perdido una hipoteca respaldada por el VA debido a una ejecución hipotecaria, aún puede ser elegible para otro préstamo del VA.
Entonces, si es un veterano que ha experimentado un revés financiero pero aún sueña con ser propietario de una casa, no pierda la esperanza. Explore sus opciones y vea si un préstamo VA con Mission One Mortgage podría ser la solución que necesita.
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Es importante tener en cuenta que los prestamistas del VA normalmente prefieren que los prestatarios gasten no más del 41 por ciento de sus ingresos mensuales brutos en deudas importantes, como pagos de hipotecas o préstamos estudiantiles. Sin embargo, es posible obtener un préstamo hipotecario del VA incluso si tiene un índice DTI más alto. Algunos prestamistas pueden ofrecer hasta un 55 por ciento o más, según su puntaje crediticio y su capacidad para cumplir con requisitos de ingresos adicionales. Esto puede brindar a los compradores de viviendas más flexibilidad y mayor poder adquisitivo a la hora de encontrar la casa de sus sueños.
Recordar - Si tiene alguna pregunta sobre los beneficios que acaba de leer, como qué puntaje crediticio requiere Mission One Mortgage para un préstamo VA, comuníquese con nuestra oficina hoy. Sería un placer ayudarlo a navegar el proceso de préstamo VA, paso a paso.
Una de las preguntas más comunes que recibimos en Mission One Mortgage gira en torno a la elegibilidad para préstamos VA. ¿Quién es realmente elegible para este tipo de préstamo? ¿Cuáles son los requisitos para obtener un préstamo VA? Si cumple con los siguientes requisitos, es probable que sea elegible para un préstamo VA.
¿Tiene curiosidad por cuáles son los pasos generales para comprar una casa con un préstamo VA? No estás solo. Continúe leyendo para tener una idea de lo que debe hacer para disfrutar de los maravillosos beneficios de ser propietario de una vivienda.
Al solicitar un beneficio de préstamo hipotecario del VA, el Certificado de Elegibilidad (COE) es un documento importante que verifica su elegibilidad ante su prestamista. Si ya ha utilizado su beneficio de préstamo VA en el pasado, un COE actual puede ayudarle a determinar cuánto derecho le queda. Además, puede garantizar que se haya restablecido su derecho a préstamos anteriores respaldados por el VA que se pagaron en su totalidad.
Después de haber solicitado su COE, es una buena idea examinar sus finanzas. Estamos hablando de elementos como ingresos, gastos, perfil crediticio y su presupuesto mensual. De esa manera, estará seguro de que está listo para comprar una casa.
Como veterano, tiene la opción de acudir a un banco, una cooperativa de crédito o una compañía hipotecaria privada de VA como Mission One Mortgage. La mayoría de los prestamistas tendrán diferentes tasas de interés y tarifas de préstamo, por lo que es importante comparar precios. Recuerde: Mission One se especializa en préstamos VA en Columbia, SC. Otros prestamistas, como grandes corporaciones y bancos, a menudo no pueden igualar la experiencia y la atención al detalle que Mission One brinda a los veteranos.
Durante esta fase, es una buena idea reunirse con una variedad de profesionales inmobiliarios. Intente elegir un agente que tenga experiencia en procesar y supervisar préstamos VA. Una vez que seleccione un agente, puede llevar la carta de aprobación previa de su prestamista a su oficina y comenzar a comprar.
Esta es la mejor parte del proceso de préstamo VA, además de recibir las llaves de su nuevo hogar. Cuando busque una casa, recuerde buscar casas dentro de su rango de precio y presupuesto. Confíe en su agente de bienes raíces, amigos y familiares para obtener ayuda en su búsqueda.
Si está pensando en comprar una casa, es importante sopesar los pros y los contras de ser propietario de una vivienda. Si bien el alquiler puede brindar flexibilidad y menos responsabilidad por el mantenimiento, conlleva el riesgo de aumentos en el alquiler, posibles ventas de propiedades e incertidumbre sobre los reembolsos de los depósitos de seguridad.
Por otro lado, ser propietario de una casa puede ofrecer pagos hipotecarios relativamente estables y una oportunidad de generar riqueza a largo plazo para usted y su familia. Antes de tomar una decisión, es fundamental determinar sus prioridades, como su presupuesto mensual para pagos de hipoteca y otros gastos como transporte y cuidado de niños. En última instancia, sólo usted puede determinar qué es lo mejor para sus necesidades financieras y de vivienda.
En Mission One Mortgage, nos enorgullecemos de simplificar el proceso hipotecario y garantizar que nuestros clientes experimenten el mínimo estrés. Entendemos que navegar por el mundo de las hipotecas puede ser desalentador, por lo que nos comprometemos a hacerlo lo más sencillo posible.
Al elegir trabajar con nosotros, no solo está contratando un agente hipotecario, sino que está seleccionando un socio que se dedica a su bienestar financiero y a ayudarlo a lograr su sueño de ser propietario de una vivienda. Trabajando juntos, podemos avanzar en el proceso de préstamo VA paso a paso.
Esto es válido para todos nuestros clientes, pero especialmente para los veteranos estadounidenses a quienes servimos. De hecho, nos especializamos en hipotecas VA y estamos orgullosos de ofrecerlas a los veteranos estadounidenses, a los que están en servicio activo y a sus cónyuges. Los préstamos VA son una de las mejores hipotecas disponibles, no ofrecen requisitos de pago inicial ni PMI y algunas de las tasas y términos más favorables.
Si está listo para dar el siguiente gran paso en su vida y brindar estabilidad a su familia con un lugar al que llamar hogar, comuníquese con nuestra oficina hoy. Está más cerca del sueño de ser propietario de una vivienda de lo que piensa.
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.