Mike Manesiotis, a 28-year-old who works in software sales in Charleston, says his friends in Seattle and the Bay Area would say home prices where he lives are a steal. But the salaries are also much lower, he said.
Manesiotis wants to live in or near downtown, within a short walk or Uber ride to bars and restaurants, and pay less than $350,000 -- near the median price for a single-family home in the city. But he hasn’t found anything he likes. The return of low mortgage rates hasn’t helped.
“It’s not the interest rate; it’s the sheer cost,” he said. “You’re spending $300,000 on a home that’s 1,000 square feet. You get two bedrooms, one bath and it needs a lot of work.”
This story provided by Bloomberg News.