Real Estate News Briefs: 05/28/22 | property

Young homebuyers from South Carolina ranked 13th least in need of a co-signer

After two years of intense competition and soaring home prices, the market is finally starting to emerge. With higher prices and recent rate hikes, demand is flattening out. Pending home sales are beginning to fall, online searches, listings and mortgage applications are down, and many experts expect the market to rebalance over the next year.

While many buyers are beginning to feel relieved, younger buyers have had a particularly difficult time in this market and may continue to struggle. The millennial generation — Americans ages 26 to 41 — is currently in the prime of homebuying years and makes up 43% of homebuyers, according to recent data from the National Association of Realtors. Because they’re earlier in their careers, young buyers may have less savings for a home, and they’re also typically first-time buyers, meaning they don’t have existing home equity to fund a purchase. While the market was at its most competitive, this made it more difficult to outbid buyers who had more resources. Now that home prices are at historic highs and interest rates are rising, many young buyers are being left out of the market altogether.

Young buyers

Young buyers across the country, backed by a senior co-signer, are buying homes at similar prices compared to those of the same age who are not using a senior co-signer.

To meet these challenges, some young buyers have turned to older friends and family members with more financial resources to help with a home purchase. This can be informal, such as gifts for a down payment or closing costs, but also in the form of a co-signer on a mortgage loan. Co-signers are individuals who agree to be responsible for loan payments if the main signer fails. Because co-signers’ financial resources and creditworthiness are also assessed as part of a loan application, this helps buyers with low income, more debt, or a patchy employment history increase their likelihood of qualifying for a loan and receiving lower or higher interest approval amounts .

Young buyers appear to be relying on older co-signers to simply enter the housing market, rather than using the co-signers’ financial backing to buy more expensive homes. This is evidenced by similar home values ​​and down payment amounts among young buyers with and without senior co-signers under the Home Mortgage Disclosure Act. The median home value and down payment for young buyers with a senior co-signer is $295,000 and $40,000, respectively, compared to $285,000 and $30,000 for all young buyers. But both groups of buyers overall fall short of typical numbers: for all buyers, the median home value is $325,000 and the median down payment is $50,000.

Co-signers are particularly helpful for young buyers in markets where housing tends to be more expensive. There is a positive correlation between the median home price in a state and the percentage of young buyers with an older co-signer. The three states with the highest proportion of young buyers who have a co-signer — Hawaii, Colorado, and California — rank first, fifth, and second in the US for total home prices, respectively.

Because of the relationship between house prices and the presence of a co-signer, more expensive states in the West and Northeast also tend to rely on co-signers more frequently. In contrast, more affordable states in the Southeast and Central US have fewer young homebuyers with a co-signer.

To identify the states with the highest percentage of young homebuyers with an older co-signer, Porch’s researchers analyzed the latest data from the Federal Financial Institutions Examination Council’s Home Mortgage Disclosure Act. The researchers ranked states by the percentage of young homebuyers (34 years old or younger) with an older co-signer (55 years old or older). In the event of a tie, the state with the higher median home value for young homebuyers with an older co-signer was ranked higher.

The analysis found that in South Carolina, 0.746% of young homebuyers have an older co-signer of their mortgage loan, compared to 0.915% nationally. Of all states, South Carolina has the 13th place for fewest young buyers using a senior co-signer. Here is a summary of the data for South Carolina:

• Percentage of young buyers with a senior co-signer: 0.746%

• Average home value for young buyers with a senior co-signer: $210,000

• Average home value of all young buyers: $225,000

• Average deposit for young buyers with a senior co-signer: $20,000

• Average down payment from all young buyers: $20,000

For reference, here are the stats for the entire United States:

• Percentage of young buyers with a senior co-signer: 0.915%

Get the best real estate news from The Post and Courier, handpicked and delivered to your inbox every Saturday.

• Average home value for young buyers with a senior co-signer: $295,000

• Average home value of all young buyers: $285,000

• Average deposit for young buyers with a senior co-signer: $40,000

• Average down payment from all young buyers: $30,000

For more information, a detailed methodology and full results, see the original report on Porch’s website:

New Agents at Realty One Group Coastal

Realty One Group Coastal welcomed three new agents last month: Kate Joiner, Megan Jean Poston and Paula Odell.



Ever since she was young, Kate Joiner has loved shopping for homes online — whether she was in the market to buy one or not. It didn’t take long for her to realize that she should turn this passion into a career. As she begins her new role at ROGC, she looks forward to combining her love of real estate with her love of Charleston and helping you find the home that ticks all the boxes! Fun Fact: Kate is also an RN, mother of three, experienced short-term real estate investor and is currently acting as her own general contractor while custom building her dream home. Whatever your real estate agent needs, Kate has the versatility and tenacity to meet them.

Kate Joiner 7046205001

Jean Poston

Jean Poston

Megan Jean, a real estate agent at Realty One Group Coast, looks forward to advancing her real estate career here in the Charleston area market. She has lived in different states for many years and bought several homes which adds to her impressive knowledge and work ethic in providing the highest quality care and meticulous work ethic to her multitude of clients. She has lived in the Lowcountry since 2008. Her love of the Lowcountry life was reinforced here as an outdoor and food enthusiast, along with enjoying all of the mixed cultures found only here and the true beauty of the Charleston area. As a mother of three and a social media networking guru, she brings extensive experience in negotiation, time management and an unparalleled passion. Her background in marketing as well as her veterinary technical background hone her skills as a real estate agent to provide more exclusive insight, attention to her client’s needs and rich detail as, as in veterinary medicine, no two animals are alike – no two houses or clients are. She is passionate and a true professional at finding exactly the marketing strategy for your specific home or investment property, which is one of those extensive added qualities she offers beyond her caring nature and business mindset. Her love of real estate is one of those that are seldom found. She strives to do whatever it takes to ensure her clients get the right property. The right home can change a family or someone’s world, and that’s a great feeling an agent can convey! Contact Megan Jean today.

Megan Jean Poston 662-420-8385



Paula Odell was a military brat, so she understands all too well how stressful moving house can be. In 2003, she returned to Charleston to raise her sons and put down roots. Odell had been running a successful cleaning business since 2004, when she decided to pursue her passion for real estate. Full of love for helping people and building relationships, Paula’s knowledge of the area ensures she can help her clients find the perfect home for them. If you are relocating to the area she would like to keep her feet on the ground to make the process as smooth as possible. Backed by an amazing brokerage firm with an extensive local and international marketing database, together they can get you the largest amount of money in the shortest amount of time. If you are ready to sell, buy or have any real estate questions please give them a call.

Paula Odell 843-532-6304

Our twice-weekly newsletter features all the business stories that are shaping Charleston and South Carolina. Come with us – for free.

Leave a Comment