The term “undervalued” sounds negative, but in a real estate or financial sense, being undervalued is a very good thing, meaning that real estate property has greater value than its cost.
In other words, a good deal; a bargain. On top of that, Charleston is highly regarded as a great place to buy a home and a delightful place to live.
For four years running, SmartAsset, a financial technology company, has published a study about undervalued cities. For the last two years, Charleston has appeared among the top ten cities in that study, appearing in eighth place nationally in the 2018 study. (See: https://smartasset.com/mortgage/undervalued-cities-2019)
This study evaluates nine criteria including real estate price per square foot, unemployment, crime rates, high school and college education, entertainment opportunities, weather, and walkability.
Why is Charleston Undervalued?
The key feature is a great purchase value for homes, reflecting a purchase price of about 54% below its projected cost. In addition, Charleston ranks highly for:
- Low unemployment
- Low violent crime rate
- Great colleges and educational opportunities; a highly educated workforce
- Lack of extreme weather days and low number of precipitation days
- High degree of walkability
Why Charleston is a Great Place to Live
U.S. News did a study of 125 metro areas in the United States, finding Charleston among the best places to live, ranking it #41 for best places to live and #31 for best places to retire.
Charleston is known and loved for:
- Mild weather year ’round
- Great beaches
- Rich history and historic preservation
- An attractive arts scene
- Lower taxes
- Sports and outdoors galore, including hiking, fishing, biking, boating and, yes, NASCAR (within a short drive.)
- Wonderful food.
- Wonderful southern hospitality and friendly people (maybe the friendliest people in the U.S.)
- Low cost of living
- Good air quality
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