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4 Ways to Save for a Down Payment

If you’ve been putting off buying a home because you don’t think you can afford a down payment, it’s time to think again. There are loan options out there that don’t require any down payment at all, but it’s a good idea to start saving as soon as possible just in case. Advice like brown-bagging it for lunch is common, but here’s how to save big bucks and get that twenty percent saved up sooner.

1. Slash big expenses. While it’s all well and good to cut back in areas like food and entertainment, going after the big expenses will really help you save. If you live alone, consider getting a roommate and putting away the money you save on rent. If getting a roommate’s not in the cards, look into downsizing on rent. A smaller place with cheaper rent should be fine for the meantime and will really pay off in the long run.

2. Set up an auto-draft for savings. It’s much easier to save money when you don’t see it leaving your bank account. Check with your boss or payroll department and see if a portion of your paycheck can be deposited directly into a separate savings account.

3. Cut back on retirement savings...temporarily! Reduce the amount you contribute to your retirement savings each month and stash some of that money in a separate savings account for homebuying expenses. Once you’ve got your down payment saved up, you can always readjust your monthly contribution.

4. Ask for help. If all else fails, look to gift funds. Through websites like GoFundMe, would-be homeowners can set up an account for friends and family to send money to. This is a great idea for an engaged or newlywed couple in lieu of wedding gifts.

Charleston Among Business-Friendly Cities For Youngsters Starting Up

If you're a young entrepreneur looking to start a business, you can't do much better than Charleston, according to an annual survey.

Thumbtack, a company that helps pair independent contractors with businesses and individuals that need work, surveyed what they termed "Generation Startup." Thumbtack said one-quarter of younger workers are self-employed, and millenials launch more than 150,000 startups per month.

All those startups need a place to start up, so Thumbtack asked where they like doing business, and Charleston hit the list. The Thumbtackers said the survey measures how millennials see government working best and on their behalf.

"Based on survey responses from 18,000 small-business owners nationwide, we asked questions about the friendliness of local tax laws, licensing rules and the regulatory environment, and we try to get a sense of what they see as the opportunities for training and networking in their area," the company said in a news release.

TOP 10 CITIES FOR MILLENNIAL ENTREPRENEURS

1. Birmingham, Alabama

2. Boise, Idaho

3. Boulder, Colorado

4. Nashville, Tennessee

5. Manchester, New Hampshire

6. Charleston, South Carolina

7. Knoxville, Tennessee

8. Austin, Texas

9. Durham, North Carolina

10. Richmond, Virginia

700-Acre Industrial Park Planned Near Ravenel

A large land developer is looking to build a 700-acre industrial park in the western portion of Charleston County and possibly follow up with a 2,000-acre mixed-use development.

WestRock Land and Development - which was known as MWV Community Development and Land Management until MWV merged with RockTenn Co. to create WestRock Co. earlier this summer - has been working for almost nine years on a vision plan for the 72,000 acres of land it owns in the East Edisto area of Charleston and Dorchester counties.

After hosting more than two dozen public meetings, the company decided to preserve 75% of the area as permanently rural by enforcing density restrictions, according to Ken Seeger, president of WestRock Land and Development. The first phase of the development in Dorchester County is called Summers Corner, and construction is underway already.

But the next phase, in Charleston County, is just getting started.

"There's a very limited area of potential development in Charleston County along Highway 17 and adjacent to the towns of Ravenel and Hollywood. That limited development area down there is what we call Spring Grove," Seeger said.

WestRock plans to permanently derestrict about 27,500 acres in Charleston County to low or rural densities. Seegers said rural densities could mean no more than one home per 200 acres, 50 acres or 25 acres depending on location.

"It still has use as recreational property or as agricultural property for growing timber," he said.

The property, which was owned by MWV and now WestRock for almost 100 years, is mostly being used to harvest timber. It was originally purchased to supply trees and fiber for MWV's  paper mill plant in North Charleston, which is now owned by KapStone.

About 3,500 acres of the timber property is scheduled for what Seeger called "cluster development." He said 700 of those acres are slated for an economic development area or industrial park to create jobs for people who live in that part of the county.

"We're working with the economic development folks at the state and the county. Many times it's a competitive bid situation," Seeger said. "Once the zoning has been approved, which we hope will be later this year, we'll be in a position to have zoned, industrial land that can be used for economic development."

The industrial park will likely be built along the existing CSX rail line adjacent to the town of Ravenel. The company will begin planning phase one of the park immediately after Charleston County approves rezoning the area for industrial development and agrees to a proposed development agreement.

A special planning commission meeting will be help September 28, and a public hearing will take place the following day. Charleston County Council will likely review the proposed Spring Grove development in October and November.

"How fast that (industrial park) will move forward will depend upon a number of prospects that the county and the state and we are able to find," Seeger.

In addition to the industrial park, WestRock is planning to keep about 800 acres wetlands and build a mixed-use development on the remaining 2,000 acres. It will likely include retail, commercial and residential space similar to what is being built at Summers Corner, Seeger said. It could take 50 years to build out.

"As far as the residential and mixed-use, I think that will be market-driven. We don't have immediate plans to start construction of that part of the project," he said. "I would say it's more likely to be in the three-to-six-year range before we would start anything, and I think a lot of it will literally depend on whether we think the market is ready for it."

Are You Above Average?

The U.S. Bureau of Labor Statistics just released data on average weekly wages earned for workers in the Charleston area, as well as other metropolitan areas across South Carolina. We put together a comparison among counties, South Carolina's metro areas, other cities in the Southeast and the U.S. as defined by the BLS. 

Average Weekly Wage By County

Average Weekly Wage By Cities & the U.S.